Reserves will be determined by the Automated underwriting which will look at the overall strength of the Credit package.

Other providers offer up recommendations for these services, and still other turnkey companies offer these services as part of their overall package.

Yes, it is common to ask for leases, ledgers, full applications packages during due diligence, should be part of your PA too (for next time).If you buy it, you can start from square one with applications, qualifying and new leases and you will be set. 

Not sure if there's anything along these lines in your jurisdiction but check your disclosure package before you pay a lawyer to do anything.   

Problem is that every time he tries to get a Fannie Mae loan, it seems the lenders can't figure out his financials even though we package it and give them everything they need in order to make a decision.

I bought 11 houses in a package deal as is. 

Sometimes a county will put together a package of liens valued in the millions of dollars and sell it to a hedge fund.

But when you buy thru a company like that, they bought a package of liens or deeds and they Cherry picked all the good ones and sell the rest.

You can have several lenders make a single loan and each have an undivided interest in the note and lien secured by real estate.My private lending package consists of a deed with vendor's lien, promissory note, deed of trust (Texas), a business purpose affidavit or personal guaranty, lender's instructions to the title company (because I only represent the lender, even if the borrower is my initial contact), and letter of non-representation (explaining that I work for the lender and paid by the borrower).The State Bar of Texas encourages its members to educate the public on areas of law, and in that light, this is for educational purposes. 

They are pretty straight forward if you use one of the pre-packaged online services.