Supply is lower, interest rates high, and people are locked into there houses. 

The main reason I'm asking this, is to understand how much cash I need to save up in reserves before pulling the trigger on a deal like this?

., but you'd need to rely on local contractors or someone to go and check that the house is locked up/ secure on occasion, so definitely some logistical issues there to consider.Additional logistical issues - if your agents are centrally working, then you need a logistical solution for: signs, sign riders (coming soon if that's required in your market/ pending), lockboxes, pick-up, and storage.

The only cost we had aside from closing costs was a lock change fee of 70.00. 137% straight profit, annualized from the 60 day time frame to do the deal, is 822%.The last one we closed last week was a really bad note in a very rural spot in Indiana.

Quote from @Jon Taylor: @Pete Harper - Section 721 of the Internal Revenue Code allows an investor to exchange property held for investment or business purposes for shares in a Real Estate Investment Trust (REIT) without triggering a taxable event.

What do you have this locked up at? 

This allows you to invest in real estate without triggering the 10% early withdrawal penalty or income taxes, and the gains can grow tax-deferred (or tax-free in a Roth IRA).

I make sure that I try not to spend time moving appliances or changing locks.

Your "buy in" funds could potentially be used for improvements to the other properties you mentioned, without triggering a taxable event.

A few more to add if I may:Remote Locks- Lynx (what I use), RemoteLock, OpertoPricing- Add Beyond Pricing.