@Will Triplett you have to ask a lender for a quote because it will vary from place to place, and the closing costs will include prepaids that are unique to your property (daily interest, taxes, insurance). 

We developed a punch list of things to be done, deposits and prepaid rent owed to me at closing etc.

You should get the security deposits and any "prepaid" rent that applies to days after closing.

Yes, FHA is still 3.5% down payment for up to 4 units....but you Will have 5-6% typically in closing costs and prepaid taxes/insurance.  

I would also need to have about 6 months reserves saved in an account (in the event any repairs should be needed or something unfortunate were to happen), and would need about 2-4% of the Loan Amount for Prepaids (Property Taxes, Hazard Insurance, etc.) and Closing Costs (Title Commitment, Attorney Fees, Application Fee, etc.)....I do not have the extra 2-4% of the loan saved up to afford this. 2: The pricing on an investment property would likely be in the 7% range.

@Josh Raikin....1)  refinancing a  property  has   closing costs / prepaid taxes , interest and insurance / loan fees   associated  with it  ..these  will  vary  based on many  factors  -  location / type of loan /  loan amt /  credit score /  current  market rates /  type of  property  etc ..2) yes - you  should be able to refinance  to a lower rate in the future  should the  option  present itself and  also assuming you qualify 3) what is the  purpose of  possibly  doing a refinance  now  ? 

Material cost can rise in a matter of 1 week , materials also need to be ordered and pre paid . 

There are laws against certain kinds and amounts of prepaid rents.

If the tenant violates those rules you would still have the ability to start eviction proceedings, even if they had prepaid for the year.

Please note the 6% can only goes towards your pre-paids and closing costs and NOT your 3.5% down payment.