When it comes to real estate investing, its not IF something comes it, its WHEN! That is why it is best practice to have a healthy reserve for each property so expenses can be covered WHEN they happen. Be prepared for it emotionally and financially.
How much is that amount? A safe rule of thumb is to keep 6 months of PITI (Principal, Interest, Taxes, and Insurance) or $10,000 in reserves for each rental property. Which ever is greater.
Pro Tip: Have a separate bank account for each rental property. Doing so will help establish good business practices and separate business finances from personal finances.