3) where are the necessary reserves?

For 7 months straight I was -$300 to -$700 a month because of repairs called in by the tenant (tenant   wasn't breaking things as confirmed with Property Manager).A 100 year old renovated house is going to have problems.  

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

At 95% LTV (I would choose 95% LTV over the fha) the down and reserves is easier than the monthly.  

I will invite the syndicator to confirm or deny the threat publicly.

Again, you need to confirm. 

Ordinarily non recourse financing is reserved for larger stabilized assets that are low levered.

My only regret is not having more in reserves before investing.

It took 90 days or so to get confirmation your deed and mortgage had been recorded so you had this huge period of time that the bad actors could step in and pull some really crummy stuff..

If you are reliant on a GC how are you confirming all of the sub contractors are licensed and insured?