Yeah they purposefully didn't check the pet box.I would have done the same as you and changed my description so no one can say this in the future.I also have in my welcome message to Confirm how many people are coming and if they have any animals.

That plumbing bill or new appliance will generally cost the same, so higher R&M reserves, as a percentage of rent, are needed in lower quality/lower rent assets, too.

I called a few bankers I have known that don't know my plumber from the next guy and they too confirmed Bank of America can hold even certified funds in a similar manner.

Make sure you keep plenty in reserves.

If you can find a duplex or 3-4 unit property that makes financial sense with the necessary down payment and reserves then that would be my recommendation.

Most of the properties I have available are $300,000-700,000; so if a hard money lender requires 25% down, with closing costs of 1-2%, and the hard money lender wants $20,000 in reserves, plus 1% to the hard money lender, we're looking at anywhere between $104,000 to $216,000 out of pocket costs. 

If you truly want professional advise to confirm what the other forum is telling you, or to assist with your own research, I would suggest paying for a consultation with a CPA rather than relying on that of a free/public forum. 

As for an offer, start with your ARV and subtract out your renovation costs, financing costs, a reserve amount for contingencies, any profit margin if you plan on flipping it, closing costs for both the buy and sell sides, and soft costs for the permitting, etc.

If you decide to go the mortgage/cash split it keep you cash fluid and puts you in a better position to have cash on hand for assets and reserves.

Someone makes up a draw schedule without confirming with the borrower and expects you to follow it a T.