That leaves nothing for reserves after occupancy.I'm not saying it's possible, but I am saying that it's unwise to spend your very last dime to make a deal happen.

Sometimes they take the auction listing down if no one meets reserve.

Have you already saved your down payment plus reserves?

@Yoni RamrasThe refinance entails a ton of paperwork and verifications that could include income, cash reserves and credit.The process can take 30 days or longer depending on conditions and how fast the borrower gets their paperwork to the lender and if any conditions create new conditionsNot really the permitted plans, but to make sure the work was done in a workmanlike manner and that permits were pulled for work completed.An appraiser for the bank.  

@Michael Ansley if you have so little reserves that you cannot afford a 1 month vacancy then you need to not own.

Here is what I always consider:TaxesInsuranceManagementMaintenanceUtilitiesRepairs (reserve for big ticket items)Once you have accounted for those items then see if the terms you get on the loan are less than the remaining funds.  

Asking price is $85kThe downside to this deal is that the HOA doesnt have enough money in reserve and my bank is telling me that they need to have atleast 10% in reserve before they can finance the deal.

Depending on HUD rents compared to market rents the bank may require some special reserves in the event that the HUD contract isn't renewed. 

Home is paid off now and is my CashFlow Reserve for other Properties.

Do you have money in reserve in case you need to do repairs?