@Sarah ZiehrI assume you confirmed that with the listing agent that FNMA policy on those particular properties was "No investors at any time" ? 

After a month present him with the rent hike first by email so he has time to research and confirm the price is fair.

I think I get indiscriminate notificationsb because after each blog I post on I get this email to "confirm follow" thinking that if I don't it won't have me follow.

The bank finally accepted my offer with the reserve not met.I had the contract in my email box the same day.    

Gut check - it's a winner, as long as it isn't a rotting shell, has a ton of liens, etc.From there, then you can run your numbers and confirm or deny.Keep at it - there are plenty of deals out there. 

Then I call them that day to remind them of the showing and confirm it.

Have them to confirm rent rates near the subject.

I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc. 

But my concern is that it will take time to get the business up and going, I don't know the market all too well yet, and I don't have a comfortable reserve of cash to supplement what I'd be getting from a FT job while I get the RE business off the ground (that and we're trying to plan a wedding).Given all of those moving parts, what would you say is the best strategy?

A couple of thoughts - - make sure you have enough for not only down payment/closing costs but also a healthy reserve as well as money needed for potential renovations that might be needed to "force" the appreciation as you mentioned- if you are talking about 2-4 unit MFR, that really shouldn't be any more complex to figure out as a first timer than a SFR if you are planning to self manage - if you are talking about 5+ unit MFR, it might make sense to factor into your numbers having property management services (probably good to factor in regardless), especially if you have a 9-5 job- with the 5+ unit MRF scenario, I wouldn't necessarily be afraid of the financing as so many people seem to be, as like you mentioned they are more going to be evaluated based on how they run as a business.