We have been looking at multifamily homes in the Phoenix area for the last 5 months, have made maybe 30 offers, but are still just building our cash reserves. 

I am glad you are making a move and looking for opinions to help the process.Cheers $150-250 a door is not too low IMO, if you are taking adequate reserves, maintenance, and other expenses into account with leverage of course. $350/door+ is near impossible to find in a decent area after you appropriately account for all the expenses people forget. 

For new investors, these things come up and you need to be prepared for it with reserves. 

We have reserves in case it takes some time to get her schedule full since she's a w2 and I will have to pay regardless of whether patients show or not.

As with anything, you'll find people successful with it and some that are not successful - the factors above are what is important.Since you are using an IRA, make sure you have enough reserve funds in there to handle up front expenses or unexpected repairs.

Without significant cash for PD and reserve funds you will not likely be successful.To qualify as a investor you must have something to invest...cash or experience.Work hard, adopt a frugal life style and save to invest.

Can you explain to me what your reserve requirements are?

Don’t sweat it though because most people will probably be making reservations in the next month or two.

And before the appraisal is ordered reserves should be finalized.

I did call the foreclosure attorney to confirm the deposit and that it's still active.