Some banks will require 6 months reserves (in addition to the downpayment).  

My question is around financing and was hoping you guys could clear any confusion that I may have.1) I am looking to buy and hold properties and my understanding is that I will need 20-25% and 6 months of reserves for my first investment property.

No late payments on any other monthly debt payments are allowed.Waiting period after a bankruptcy and foreclosure is extended to a mandatory 7 year waiting period after bankruptcy and foreclosure.Mortgage underwriters will require 2 years income tax returns on both personal tax returns and business tax returns and all rental income on all properties needs to be documented.Under 2017 Guidelines On Fannie Mae 5-10 Financed Properties, the borrower needs to have reserves of six months of principal, interest, taxes, and insurance on all of the borrower’s properties.

Do you have 6-9 months of reserves to cover all 9 properties in the portfolio?

Because your monthly payments are less than a 15 year, you free up some $ for other investments and/or save up more reserves.

Typical requirements are usually 25%-30% down and you are more likely looking at a 20 year amortization with a possible balloon payment.One thing B2R may be figuring are estimates for management, maintenance, utilities, and repair reserve which could easily add up to more than $450/mo when there aren't hard numbers to go by.

I also think that starting with wholesaling might make sense to build up some cash reserves.

This refers to the rental income produced by the property above the Principal, Interest, Taxes, and Insurance (PITI).If you are buying a 3-4 unit property, you will need to have additional funds to meet the reserve requirement, which is typically 3 months of PITI.

@Nikki Nicole-save up enough for a down payment and reserves on a house hack-buy a house hack

If I saw the trimerged mortgage report I can advise and fix it.There are a couple choices with the single score if they are not ITIN or foreign national.Does borrower have the reserves to make the file fly?