If you can do some work yourself, you really only need to be able to cover the materials for those jobs.I aim to keep around $20k-$25k in cash on hand for unexpected repairs on 9 houses and two 2 families.

If the taxpayer materially participates in each rental real estate activity, his/her losses are fully deductible, and the $150k threshold no longer applies.It sounds like you are familiar with the test, but I will restate it her for the sake of completion.At least 1/2 of personal services in all businesses for the year must be performed in a real property trade or business and rental real estate.The taxpayer must spend more than 750 hours in real property businesses and rentals in which he/she materially participates.Both must be satisfied.  

They pretty much hold your hand all the way for 6 months to 24 months depending on which package you select.

Now the bank is sitting on these notes and has offered to sale them off in groups of 10 homes per package.

I spent 6 months listening to all the BiggerPockets podcasts and reading as much as I could from all the BiggerPockets Books and spent a lot of time in Home Depot and Lowes learning cost numbers for materials.

I am an 18 year old from Illinois, USA.You can find plenty of reading material at www.biggerpockets.com/booksFeel free to PM (Private message) me on BP anytime if you have any questions on where to find information, network, or anything else!

The Seller's agent may have info on expenses (Schedule E, utility bills, etc) that they may provide in a marketing package 

If the property is owned less than 12 monthsWill lend up to 80% of the original purchase price and rehab amount if material improvements to the property have been made.Will lend on the original purchase price if the property has not been materially improved"I think you're right though, they may cut the ltv to 70 and not care too much.There are other lenders that have long term financing without seasoning, is generally easy to qualify (many don't have any income requirements) and have reasonable ltv's, but they are not cheap in rate or points@Andrew Hunt PM me and I'll point you in the right direction given your circumstances.Stephanie

You may want to consider developing a financing package (business plan).  

@Stephen Masek  You will only need that hazmat survey done if the building is old enough to contain those materials.