As my underwriting “standards” I figure:CapEx 7.5%Repairs 7.5%Vacancy 8%Management 10%Water/sewer $40/unit/month, then confirm with the town

Is it expensive or comparable to normal capex reserve?

My reserves aren’t even that big. 5% capex, 5% maintenance, 3% vacancy, 7% management expense (all dependent on what property condition is of course).

Lastly, make sure you set aside a reserve monthly.

This is in regards to Federal filing, but I'm in Iowa.Are there any tax professionals that can confirm or deny that's the case with the new tax laws? 

I’ve been in the Marines for 18 years, mix of active duty and reserves.

Main thing is find good tenants and that can be done with screening qualifications:-income 3x the Rent -minimum FICO score-minimum reserves-positive referencesBe disciplined with screening and you should be solid.

But when I went to get a mortgage it came up: $2600 / year (non owner occupied, which pay the highest rates).A quick call to any insurance company can confirm the flood zones

The Estoppel statement is the seller and tenants, confirming the amount of rent paid, any concessions, etc.

If you want less out of pocket and have cash reserves to sustain the maintenance on a BRRRR property, then go that route.