It can't hurt to have more than you need when a serious problem arises with your property but, it Can hurt if you don't have enough money stashed.I would have at least 4-6months of rent for vacancy saved for each unit, and 3-6months of rent for renovations/repairs saved for each unit. 

What about common area utilities since you are looking at multi-families?

@Shaun Marks  First Congrats , since you wish to payoff the the new HELOC I believe you will have no issue with a common  six-month title-seasoning wait period.

Contacted the property manager because bylaws state damage from a common element (the roof in this case) makes the HOA responsible for repair.

And the light bill(common area) double from $80 to $165 i don’t understand 

How do you manage properties remotely if the need arises for an individual to physically go and see a tenant, say for example, they don't pay rent and stop taking your calls?

There's no requirement that you have a business entity, but that could help with liability if a problem arises.

Perhaps there will be another wave of the virus in the fall, but if you've got adequate protections and a backup plan in place, like that 12-month lease Roni mentioned, and you get some tenants in place between now and the next semester, barring any other issues that might arise in the normal course of business, you'll ride this wave with the rest of the student rental community and along with all other investors in your region.

Someone suggested having a “basement expert” come in for a small cost and give the green light or to hold off and we didn’t find one in time.Is this something common to waive inspection on properties that are in bid wars?

I know many agents who sell OREO and its common for them to know nothing about the property and tell you that up front .. thats where the deals are.. the advice to just run because an agent said that is not good advice its knee jerk reaction.