Factoring in the mortgage, I came out at $90.68 (526.27 Net Operating Income - $435.59 mortgage) as my monthly cash flow.So here are my questions:Am I correct in thinking that I can finance $100,000 to cover my cash in, and use the difference between the appraised value and the financed amount ($41,000) as the minimum 20% equity to stay in the property that is needed by the bank? 

That is the strategy I mainly implement.

Figure out how much it would cashflow as a rental, with factoring for vacancies, cap ex, repairs, and management, and hoa.

I was lucky enough to have a colleague who is familiar with the area and had systems in place I could utilize.The main reason I did it was that I am tired on sitting on the sidelines...I do have 1 local rental.

We are mainly looking at SFH and small multi-family if we can find it.

This post applies to Maine landlords, but may be useful for others as well. 

ya there were many Bay Area investors who bought 4 plex's through LInda Gurcheck in PHX who learned that one the hard way when the building of new subdivisions came to a screeching halt in 08 to 2012 and many of those clients had 100% vacancies on a 4 plex for year or more.these sold at the peak these 4 plexs for 300 to 350k  in 2010 I could buy them same exact building vacant of course for under 100k each.it is a very big misnomer to think that rentals cannot go vacant.. and of course this is HUGELY regional.. and current economics plays a big factor.

The age and condition would be the biggest factors when considering how much money you need in immediate reserves. 

I guess it depends on your network.I do run across times where someone inherited money say 600k but they do not qualify as accredited investor.My thought is mainly take accredited investors as they are generally used to this type of investing and the liability and hurdles of reporting and documenting tends to be way less.If an investor came to me unaccredited but wanted to invest substantially say 300k or 400k I might look at it.

Mainly, the systems implemented are fascinating (VA, automated offers, etc.)