This is always great, so you can build that personal relationship and really confirm whether you guys will be a good fit. 

I'm waiting until i get more capital and cash reserves to have for when i do purchase, so in the mean time ive been looking briefly on the property's my real estate agent has been sending me. essentially i was wondering what should i be doing while I'm waiting and working towards my first purchase.

What I've gathered from speaking with the previous owners realtors, is that the husband and wife went through a divorce proceeding back around 2014, the husband agreeing to quit claim the property to the wife, in return for her within 1 year refinancing him off the loan.In a brief conversation with the husband, he seemed to confirm that the quit claim was signed, but by her, because he had given her POA on the house (for which there is public record filed regarding the POA).

Hello TY, Derek, Elias and Patrick, Thank you all for confirming that it is actually real.

It's the people with 6.5%-8% mortgages that may need to sell if they  didn't prepare with plenty of reserves, but likely the people that took creative financing with limited equity and/or short balloon payments that have to find a new end buyer and eat the cost differential.

I was happy that she didn't try to ask for a refund, but a bit thrown off as to why she would make a reservation and never check in.

Let it crash and the HYSA & Tbill holders can scoop up after tapping some reserves to survive.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

What’s a good estimate you think I should have for the down payment, closing costs, repairs, holding costs, and reserves?

As far as cash reserves go my mentor and I would be using a cash partner to fund the deal.i have little in my own bank account at the moment.