Save your money in a reserve fund and control your repairs on your own.

I believe it would best for me at this time to wholesale and build up reserves, since this is my first deal.

It has everything to do with tying up their reserves.

That may be true, but he got himself into this trouble by going into these highly leveraged deals with no reserves.

So we would be have a monthly interest only payment of $1868.75 at 7.5%.Leaving a reserve of $131.25 to save for repairs and what not.

I have confirmed this with the bank, the bank has already re-keyed the property and winterized it as well.

My biggest issue is that My income is not very high (only $2,600 a month take home) and I don't have substantial reserves for down payment or as security for 2 months mortgage payment and stuff.

If you don't have more reserves you will fall on your face.

You're missing maintenance, property management (even if you do it yourself), legal fees, advertising, and capital reserves (e.g., that new roof that will eventually be needed).

They will be confirming loan amounts tomorrow and fees owed.- Behind on the mortgage...