If calling a plumber to fix a real leak is going to kill your reserves, this is a bad deal on a property and bad cash flow.The first thing to learn as a landlord is that everything is your responsibility to cure.

For instance, things like death, divorce, job loss, natural disasters, heath issues, etc may cause you to change your plans unexpectedly and may change what you do with your home as a result.

My response is not political in nature...I'm very interested in what DOGE can accomplish. 

When they ask the nature of my business, do I advise that I'm a real estate investor?

You can refinance it into a conventional loan and that helps avoid the higher down payment.FHA also offers more wiggle room when it comes to DTI debt to income ratios and reserves requirements. 

I'm particularly passionate about rental, fix-and-flip family and multi-unitsOutside of real estate, I enjoy nature photography.

The same scenario occurred where we got a booking right away and thought the reservations were going to keep flowing, and then there was a "pause. 

The exact steps depend on the nature of the defaulted debts and on your local laws.State income tax planning.

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

Consider FHA loans for lower down payments and reserve for repairs or upgrades.