Jennifer - My first question would be why you would need $100k in reserves for 12 properties?

They’ll look at properties all day long.

Sara,I am starting the offer process with multi family properties in metro Detroit as well. 

I'm looking to purchase a rental property in the Greater Seattle Metro area for maximum purchase price of 550k. 

However, not everyone has the income to qualify conventional, so the alternative route would be DSCR loan where the program doesn't look into your income, instead it evaluates based on the subject property rental performance based on the ratio system.

I understand that the IRS requires the properties be for investment, but since they were gifted, I'm not sure what they would look at to determine.   

and if the property is 3 units, but i am doing a large reno on only one unit, can i get away with just making that specific unit lead free or would i have to make the entire 3 units  lead free in order to qualify for lead free at that address?

I recently bought 2 properties.

You should speak to an real estate lawyer before purchasing this property. 

Another big factor is which state the property is located.