I know we are responsible for these dues, and we plan to confirm everything with an attorney (awaiting a call back right now), but I have two questions.1.

Rarely do lenders let you use real estate or property as reserves or assets since they are not considered to have high enough liquidity. 

Lastly, I would build in some replacement reserves into your figures as roofs, HVAC, water heaters, appliances, etc. all wear out over time and need to be replaced. 

Things that we have discussed are rights of refusal if either party wants to sell their position; a minimum hold period of 7 years, & only making withdrawals if there is 10k reserve in the shared account. 

Cash for keys should be reserved for a situation where you have exhausted other options. 

Yes, it is a lot of work keeping the guests happy, managing reservations, and did I mention keeping the guests happy;) 

So would like your thoughts on mine, being an investor with $40k disposable income.Here are the basics:-Looking for 3-4 unit-I'd live there for at least a year to get 3.5% down mortgage-I don't need ANY tenants to pay the mortgage-Tenants paying mortgage just lets me save FASTER for my next property & build reserves for this property(repairs and such)-I'd be EXTRA careful in screening candidates; especially looking at job history/industry/credit-My goal/focus is $2000 NET income from 6 units.

I was wondering if I need to follow up w the ex tenant to confirm they have received the security deposit.

Living in North Myrtle Beach, I see buyers buying houses that do not make money and sellers selling houses for far less than they should.I urge you to get fully educated regarding operating expenses, operating income, net operating income, return on equity, capitalization rate, debt service, capital reserves, the difference between capital and maintenance expenses, and a host of other topics.  

You can then back into what needs to be reserved today and how much to hold back each month until you get there.As for rents, knowing the exact property would allow someone like @Remington Lyman to chime in on rent levels.