Remember you are using debt to make this investment, not reserves  sitting in your bank account so I recommend a more conservative investment approach. 

Yes - include ALL expenses in your math, including reserves for repairs/maint, capex, turnover, etc.

Income reserves in excess of 6 months living expenses, no consumer debts, leveraged mortgages with no payment coming out of pocket.

This way you can calculate how much you can realistically invest and keep for reserves.

They do conduct a background check, credit check, will check cash reserves, and will make sure the borrower is using their funds for business purpose only, but there is less emphasis on the borrower and more on the deal itself. 

Have a robust cash reserve to handle unexpected vacancies, repairs, or market shifts.Good luck, and I’m excited to hear how your journey progresses!

Do not think you can just start an investment company with 15k (that is reserves only on one property).Work for the next couple of years while you all learn and use your skills to help build the foundation of a future company and leverage your relationship with the alumni to see some of his properties and learn.

Now this might be controversial and some people may disagree with me (even some of my coworkers here at BiggerPockets may have a different opinion which I completely welcome), but I really don't think you should invest OOS in this current macro environment with less than $100k (down payment + reserves).

A ground-up construction loan for a new investor on some vacant land would also be a no-go as you must be able to show successful exits (refinance or sale) from a few projects before that's an option.So, we need to be able to see funds in your account that can cover the down payment, closing costs, and some reserves left over that will allow you to start your rehab.• No entity to close in: Though an LLC/entity is not a must-have, it's a nice-to-have prior to seeking financing.

Some BRRRR Nuances:Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.