These drafts do not need to be "official" just quick sketches. 

The criminal history would come back clean but a quick Google search would repeatedly turn up local convictions.

I got the funds quick and closed on the property Friday.

I'm not new to investing, but I am new to re-investing cashflow and I haven't found much if any info on what a "safe" amount of reserves would be. 

There are thousands of posts on BP, almost every day, and keeping advertisements, deal-making and fights clear from the forums is not an easy task; if threads weren't moderated the forums would quickly become virtually unusable and unattractive to the majority of people here that are just trying to learn more about real estate investing. 

quick question.

I'm currently paying above payment on these two existing properties an extra $900 a month to pay down the mortgages more quickly, which could quickly be freed up as well, as they both have low interest rates so this is not really the best use of my money. 

If it takes days for them to call you back then forget ever working with them.If they call back quickly then tell them you are an investor. 

In the event of a slight downturn it would be safe to build additional vacancy losses or rent reductions into your pro-forma so that your property still cash flows well. 2.

@Robert WalstonI haven't put down anything as yet...listings are going quickly here, before I can even get an offer on the table, the listing has multiple offers.Not joking, today, July 6th, received an email alert from an agent for multi-fams, texted realtor at 8am to put an offer on a duplex, she calls me 8:15am & says their deadline for offers was 5pm yesterday.