What is the reserve requirement for a nonrecourse loan?

[Deanna S.]

Hello BP experts.  We are negotiating an offer for a property (a duplex) and will be using a nonrecourse loan for the financing.  Does anyone know what the IRS requirements or guidelines are for required reserves when using a nonrecourse loan?  We will be putting 40% down.    We want to make sure we have enough funds to close on this deal.  They are asking for a counteroffer right now and I'm not sure what to do.   Does the required reserve vary by lender?  The property is in Cuyahoga County Ohio.  The lender I've spoken to is away for MLK long weekend until Wed. and I forgot to ask him this question.  My counter offer may not offer enough reserves so appreciate timely advice. 

Thank you!