At the lowest rate option I'll have just enough reserves.

TIA.It may be more helpful to throw out a scenario like:Purchase Price:  500K20% down740 credit score6 months reserves 1:1 ratioQuote with and without a prepayment penalty and how long the prepayment penalty is. 

Hello Everyone,I currently manage a highly successful short-term rental arbitrage in Houston, boasting over 170 reservations in the last three years.

You must be patient and have some reserves if you are doing it full time.

The DSCR products for investors are pricing below 7% on a 30 year fixed with healthy credit and reserves. 

.- overall "damage" is very minor as it will involve cleaning up after her, taking out her trash, and carpet cleaning throughout ($200) to get cat puke out of carpet- odd note was that she has a huge real Christmas tree which she left....who buys a Christmas tree if they intend to leave - confirmed via talking to her mother (emergency contact on my pet agreement) that she has moved to a new rental property- I have not filed the 3 days quit or cute as I'm concerned that the terminology indicates (perhaps I'm reading to far into it)that if she leaves the lease will be terminated.

Does not fly.And if you claim that you only spend 20 hours a week for your W2 job, an IRS auditor will request a confirmation from your employer.

How much would you have in reserves? 

Pay close attention to the capital stack, how much debt there is, how much preferred equity there is, how much the GP is co-investing, how much they project rents to rise organically every year, what exit cap rate they're assuming, how much cash reserves the property/investment will have, how much does the deal returns change when you add 50-200 bps to the cap rate, what is your breakeven occupancy and exit cap rate, and a bunch more. 

Not that its impossible to get creative financing or that its bad to start investing I'm not saying that by any means at all the earlier the better but the safety blanket is small with no reserves for an expensive learning experience which in this industry is likely.