You just need to have more reserves set aside compared to a single family.

With the right tax strategy, you can maximize deductions and reduce liabilities, while having the right insurance and reserves in place will protect you from unexpected costs.By Implementing a quarterly financial review to assess performance and make adjustments to avoid cash shortfalls.

Pairing a smart lock, such as the Schlage Encode, with Hospitable saves so much time since Hospitable seamlessly automates door code management by creating unique codes for each guest reservation and then, subsequently removes the codes after the guest checks out.

In preparation of this work, we have voted on a special assessment for 2025 and 2026 to raise our reserves.

Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.

I have $20k, but don't want to exceed $15k down so that I can have at least $5k in reserve.

So is this just as simple as showing how much the property makes or do they also look at personal debt to income, credit score, reserves etc as well.

You can always ask to see the reservations.

I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

And with an HOA handling maintenance, have you checked their reserves?