Also, is there a maximum reserve amount you reach per property that feels safe like 6 months PITI or something like that. thanks,Nick

Best bet here is to find someone who's a bit new to the game and hungry since they'll be calling owners 24/7.

@Elliot Tan finding an attorney to answer these questions will probably be your best bet.

Your best bet is to network and reach out to many new investors in the area and ask for referrals. 

I recommend a solid year to be safe, eliminate most risk, and make your CPA at ease but shorter time due to circumstances are ok.

Based on the market and the improvements I would bet the property has increased significantly in value. 

A few key highlights are:-A key indicator to determine the best cities to invest in and where to expect the most growth is the recovery of the business services jobs, (services related to operating a business like accountants, lawyers, cleaning jobs, IT)- The faster jobs in business services pick up, the more likely a market will be a good long-term bet for real estate investors-San Antonio made the list for one of the top cities for business services job growth!

Make sure it is clean, safe, and has a fresh coat of paint. 

If you have $1m and want to park it somewhere safe then this area of town could be. 

I've always been told appraisers are supposed to be looking for the (3) S's - Safe, sanitary, and secure.