If I had a buddy that wanted to put 10k into the investment could I use his money and my money combined as "my funds in reserve" to get the loan.

I want to focus on specialized, boutique urban housing that is green, energy-efficient, modern, and smart.

I like property built between 1978 and say, late 1990s, stucco and tile roof is great if I can get it ... these houses are old enough where they aren't all HOA controlled yet new enough where it is modern construction techniques and low maintenance.

The existing wiring would not fit the new layout in most cases.2) Most AHJs require you to bring the system up to modern code if you make any significant changes to utilities.

At the historically 0% vacancy rates ($13,000 monthly gross) I would have an additional $104,000 in cash flow built up in five years, that when combined with the equity acquired through mortgage payments would equal $208,000, putting me well over the $130k/20% traditional lender mark.Am I thinking about this the right way?

Depending on the property size, R&M may be handled entirely in house, fully outsourced, or a combination of the two.

The pm softwares are great because they integrate bookkeeping, maintenance and leasing, but the good ones cost money.I use a combination of excel and cozy to manage, but I'm always tweaking...

There are a tib of combinations, so keep working ay it. 

Assuming the $140k purchase on the new one here is how numbers look: New prop: $140k purchase$112k mortgage$28k down payment (paid out of HELOC)Old Primary:$245k current value$150k existing mortgage$28k HELOCTotal portfolio:Value: $385kDebt: $290kTotal LTV: 75%Take your payments for all three of those notes and take your combined cash flow and see if it makes sense. 

Hello Devang,Just for some clarification, is the $260 expenses you mention the combination of PM, Vacancy, and HOA?