In addition to your down payment you'll have closing costs and pre-paids.

My closing costs are roughly 3.5K (2,000 title, 450 documentation, 600 appraisal, and 400 prepaid interest) Since my LTV is at 75%, I always waive escrow, that way I can pay all my insurance with a business credit card to get points and the free APR for a year.

@Brandon MoreauClarify, lines from PSA 328 PRORATION OF TAXES AND ASSESSMENTS: Seller and Buyer agree to prorate taxes, Special Improvement District 329 assessments for the current tax year, as well as prepaid rents, water and sewer system charges, heating fuel and tank 330 rental, irrigation assessments, Homeowner's Association dues and/or common maintenance fees, as of the date of closing 331 unless otherwise agreed as set forth in the additional provisions

I was reading about prepaid rent and a holding deposit but those don't seem to offer me a way to get the first three weeks of rent covered.

They sign up for a recurring debits, and my late fee is automatically applied if rent is paid on the 6th or later.

As far as where to put the reserves, I was thinking about a money market account at first because of the higher APY but then I realized if I have to withdraw more than expected it can go against the policies of a money market account so would I be better off keeping the funds in a high yield savings account with a bank I have a debit account with also and can just transfer funds into the debit account at any time if needed?

So I'm 17 Years old and looking to get into the business of real estate agency and investing when I turn 18, what are some helpful skills/tools/tips to help a young kid like me prepare myself for a career in real estate?

There seem to be a lot of fees on this $48,750, and I dont know which ones I can negotiate or whether any of them sound bogus:Total Loan Costs ($4077):% of Loan Amount (Points)Admin Fee: 150Loan Origination Fee: 700Processing Fee 575Underwriting Fee $795Appraisal Fee $550Credit Report $50Electronic Income Check fee: $20Flood Certification: $12Mortgage Elec Reg Sys Fee: $12Tax Service Fee: $90Title - Attorney Fees: 795Title - Closing Protection Letter Fee $45Title - Lender's Title Insurance $133Title - Title Examination Fee $150Other Costs ($2236): Recording Fees and Other Taxes: $90Transfer Taxes: $213Prepaids: $661 (Homeowners Insurance (1 year) and Prepaid Interest)Initial Escrow Payment at Closing: $800 (Homeowners Insurance per month for 2 months) + Property Taxes $100 per month for 7 monthsOwner's Title Insurance: $472

Points are essentially prepaid interest.

This is precisely why estoppel letters are used in the purchasing process, so a tenant can't claim later that he/she prepaid the seller all rent, or that the seller had agreed to reduce his/rent by 99% and "you didn't know that?"