Depending on your returns and how recent any major work has been done, it is possible to adapt to the needs of the specific property (i.e. if the plumbing, HVAC, roof, etc. was all done in the last year or two you can focus more heavily on cashflowing into the next property and setting aside a smaller portion as an insurance policy for the next big problems). But then again if there is a big tree leaning over that brand new roof, or if you often get significant hailstorms and the like then the equation may change and you would want to be setting aside more for expectable damages/treatments.
When you have enough cash saved up for your next move, open up a HELOC on your equity and let that be your reserve account while you use your cash for the next deal. Hopefully you are addressing issue preventatively so you wont really have to use the HELOC while you're low on cash, but it is there for security if you do.
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