No reserves and no cash flow = capital infusion from investors and/or return property to bank.  

Thank you in advance for your help! 

I think an investor can find a nice property there that will cash flow and potentially appreciate.My issue is that the OP mentions that she disqualified Baltimore because the city had a declining population but was still considering Cleveland and Toledo.From my brief research Cincinnati and Columbus both have had population increases.

@Vincent WeselakIt’s a good idea to get an estimate for your insurance costs upfront since this can vary based on the property type and location, and it’s a key factor in evaluating your cash flow. 

Any laws against repaying the loan in stocks instead of actual cash?

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

Start early, raise that equity well in advance, and make sure all those forms and verifications are filled out correctly.

When you are at market value does the property cash flow well?

Do I wait another year to save more, or do I look into a HELOC or a VA cash-out refinance? 

Specifically, I would encourage you to continue to seek local opportunities for equity growth as well as seeking out-of-state or upstate opportunities for cash-flow (i.e.