My biggest concern is that it doesn't appear as though you are setting aside reserves in your expenses.

Using the calculator on an existing property is a little tricky but the numbers I ran show after paying your expenses and setting aside some funds for vacancy, repairs & maintenance, and capital expenses you're still cash flowing slightly under $100/month (even higher if you don't subtract those reserves).

This confirms that it would be acceptable as long as the 50% test is satisfied on the following dates: (i) the “initial valuation date” or the first date on which the corporation makes an investment that is not a short-term investment of funds pending long-term commitment; and (ii) at least one day during each annual valuation period.

HOA fees usually have a portion that is delegated to a reserve funds so when capex projects are required on the building like roof, hvac etc.. which owners do not have to account for..HOA fees is a cash flow killer..

The plan is to move this value monthly into my rental reserves account. 

Our extended families have some cash reserves that would be just the catalyst we need to get started on our first flip deal. 

Reaping is reserved only for those that sow !

This includes $250/unit for replacement reserves.

Registration will open as soon as we confirm a venue.

Your expenses didnt include maintenance, vacancy, or capital expense reserves.