The order is supposed to be over $2500 but the hint here is that you don't have to actually buy everything in the quote... you can reserve 10 spools of wire but only pick one up.    

the comm. taxes are higher but you can fight those down sometimes when you convert to residential ... confirm this before you jump here... also look for a multifamily designation on a single family home...a ranch with a basement or crawlspace where you can turn it into a duplex... here i can go on city zoning maps and pick out the areas with multifamily zoning and focus in those areas.... lastly if you see a building in an area you like look up the owners on the assessor's site and mail a letter to them and ask if you could buy it.   

You're right to have reservations. 

That way your reserves meet your needs in the futureGood luck 

Nothing against it necessarily, but if you have the cash for down payment, and reserve requirements, the income to satisfy DTI requirements, and the property in question is a good rental property, then there are great options for conventional mortgages, and with rates being where they are right now, I would want to take advantage of conventional financing before getting "creative"

There are 12 BP members confirmed so far!

You are going to need to have reserves to get your career going regardless of which way you decide to go.

Or reduce the amt alloted for each subsequent unit,as your total cash reserve grows?

In the meantime the repairs are being paid by the HOA (to repair the section of pipe only that leaked) and the dry out, which has depleted the HOA reserves.  

You will need to dip into your reserve repair funds and will need to negotiate the purchase price down.