How much money do you need for the following, assuming all single family homes:1) 150k investment house2) 250k investment house3) 500k investment house4) 750k investment house5) 1mil + investment house.For option #1, my math was the below if I want to buy in an LLC:$37,500(downpayment)$5,600(approx 5% for closing costs on remaining loan amt)$6,750(rent reserves assuming 1500/mo rental for 3-6 months)$10,000(capex reserves just to start)$1,500(LLC formation)$2,250(45-day estimate to rent out property losing rental money)$1,500(1 month payment to property manager for tenant placement)$1,800(monthly management fee 10% of $150 for 12 months, paid monthly but allocated annually for budget)So just under $67k.I imagine this math plays linearly to other properties at different price points?

In addition to these 'known' costs, you should include a vacancy and maintenance reserve allocation.

The land allocation isn't depreciable - only the structure. 

The real answer to that question is that the banks will do whatever they deem fit as far as portfolio allocation in order to remain as profitable and compliant as possible.

Screening criteria for tenants is same as what most property managers are screening for already and cost is minimal or same as most investors are (or should be) allocating for their vacancy cost.

We evaluate capital allocation into renovations based on the following criteria:(Note - The items listed are examples, not complete lists)MANDATORY REPAIRS: (No Return BUT must be done for sale at Market Value)Code ViolationsMold RemediationWater IntrusionAsbestos RemovalInsect DamageFoundation CracksLeaking / Curling RoofLeaking / Damage GuttersDamaged / Rusted RailingsREPLACE SALE DETURENTS: (No Return BUT must be done for sale at Market Value)Original Windows >> Replacement Windows Oil / Electric baseboard heat >> Gas / Heat PumpNo Air / Window Units >> Central Air100A Electric Service >> 200A Service>> CONGRATULATIONS, AFTER THE EXPENSE OF THE ABOVE REPAIRS THE PROPERTY IS NO LONGER "DISTRESSED" <<FORCED APPRECIATION: (Appraisal Inflaiters.

Also, keep in mind that the lender is looking at a debt return, not an equity return.The lender is going to play the odds and allocate its capital to someone with 'skin' in the game, who will have a vested incentive to have a successful project, and hopefully has previous, successful experience - as @Neil Aggarwal notes in his reply.Best of luck finding the $0 down financing and you're spot on that you won't know absolutely unless you inquire. 

Purchased at those prices, these "investors" would be just barely covering expenses, and definitely in the red if they were properly allocating for cap ex.So what are you all doing?

If there were off market deals to be had they would have shown them to me because I have more than $10mm to allocate in south FL and NYC.Not one could show me a deal that was above a 6 cap on real numbers in anywhere that wasn't a total war zone in WPB.

they stated it is off the total2) Is my closing costs based off of the purchase price or the purchase plus rehab and they stated total.3) The LO I spoke with stated finding my own contractors would be recommended4) I asked if there were restrictions on how much $$ could be allocated for rehab, he didn't have a firm answer but implied as long as the appraisal supported the work that I would be okay.5) When I asked if I could also use the down payment assistance of $5000, they stated no.6) As I would be looking at a gut rehab project so that I can find something within my price range and asked him how the 6months of mortgage payment deferral would work (HUD allows you to defer 6 months of mortgage payments into escrow in case you are not able to complete rehab and need to rent) he stated he was unsure but I would need to make all payments and they don't defer.7) I have a line of credit with a credit union, as I know from my mortgage experience they are going to underwrite me as if the entire LOC is drawn I asked him if I can just apply that to the down payment and closing costs and again didn't get the best answer.in my experience i would typically just go to a different lender but unfortunately with 203k loans, even a bank as big as bells bargo their regular LO's defer you to a FHA 203k specialist and i contacted two different LO's one near Rockford and one downtown and ended up getting the same guy for FHA 203k.Any insight or advice would be sincerely appreciated!