How much of a safety net for a first house hack?

[Matthew Medcalf]

Let's say I buy a property for $150,000

3.5% down puts me at $5250 for a down payment. How much additional should I be looking to save for a safety net for the property (vacancies, repairs, closing fees, ect). I will also need to furnish somewhat since I currently have no furniture as I live at home. 

I have a personal emergency fund but I want to keep this separate than my property fund. I don't want to have the bare minimum saved when I "pull the trigger" on a property. I want some peace of mind in case an unexpected situation occurs. 

[Allan Smith]

Ideally you would have 3 months cash reserves. So enough extra cash to pay ongoing expenses if the property wasn't rented. 

another approach is the flat amount capex savings approach. I've heard folks say to have 5k per rental until you have 10 rentals then you don't need more than 50k. For a 150k property 5k is plenty. 

by the way this does not include oversight for any renovation budgets. That should be at least 12% of total projected budget extra.