Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

Would a HELOC or home equity loan on my personal home be a good idea to fund this?  

There are some amazing physician loans available that can allow you to purchase a owner occupied single family property with 0% down. 

I was told the reserves are a requirement of the REIT loan that we have.

A turn-key provider would be a company that can handle everything from sending you deals that fit what you're looking for, assist in getting you pre-approved for a loan, rehab (if needed), management, and maintenance. 

Second home loan , conventional How did you add value to the deal?

So we would have to get a loan, pay off the seller and transfer title and then wait the seasoning period before doing a refi unless there is a bank out there that will treat it as a refi off the bat

I used a conventional loan and was planning on transferring the deed over to my LLC. 

I get a DSCR loan on the property and we try to suck out as much money as we can to leverage the property at 75% of the ARV.

It’s because having cash available doesn’t not necessarily mean the borrower has the credit CAPACITY to obtain a loan.