CapEx vs Rainy Day Fund

[Brian Taylor]

Hello,

I am VERY new to real estate investing and have basically just started out doing my own research. So, this might be a dumb question due to lack of understanding but when analyzing cash flow/ROI for a prospective rental property, do capital expenditures need to be accounted for as an expense if I already have 6 months worth of a rainy day fund saved up for the property? I appreciate your time helping out a newbie, thanks! :)