I can handle the mortgage but that means just about all my money is going to go into the property which means my reserve account is going to be at serious risk with no profit to keep it sustained.I think my attorney messed up on some things here but we're here now, just looking at what my options are.

All banks require (2) months of bank statement to show where the down payment and the PITI reserves funds are located. 

I'd suggest the need to budget for reserves.

If you are just starting out I'd make sure you have a healthy reserve fund in case renovations go long, it appraises low, or you can't find renters.

For sub $1000 per month rentals the percentage used needs to be higher to have enough reserves.

My accountant who is excellent has some reservations and I am meeting with her to discuss further. 

I see lots of problems in the future when the new owners have to replace a roof or siding in the future and haven't saved the funds in a reserve account.

I do stick to my criteria for where I want a deal to be as far as cap rates or whatever rule you might use.I do have some reservations for taking on some bigger projects because of the mental capital (and actual capital) involved so I may pump the breaks on that this year but again there's a potential hang up.

One thing I do after I buy, is stack a bunch of cash in reserves until I see how the property runs.

Based on my analysis (found an analysis spreadsheet online: BP post Master calculator copy - Google Sheets) I'm seeing -3% CoC return in the first year and I'd probably pass on it unless there'd be obvious opportunities for forced appreciation which in this turnkey scenario might not be the case.The listing outlines property taxes as $4k/year and property insurance at $1.5k/year.Some of my assumption:-Vacancy reserve: 10%, Maintenance reserve: 10%, Property management fee: 10%, -20% down, 7.5% interest rate = ~$100k cash investment.