.· Have reserves and plan for big ticket future repairs.· Base their choice of Property Management Company the experience & expertise and services rather than price. 2nd Type of Owners/Investors:· ALWAYS GOING FOR THE CHEAPEST PROPERTY MANAGEMENT COMPANY.· They think they know it all.· Always want to do work on the property themselves even if they have no experience.

Generally, set aside 5k as reserves for each investment property in the event something needs to be fixed/replaced. 

And since it's below the reserve threshold, I don't get notified either for approval. 

I suspect the seller's atty will tell you (s)he is not/was not your attorney and therefore does not have liability to you and that you and/or your atty should have done your own due diligence by confirming if there was a balance on the account. 

Do you have the reserves to take care of any issues that might pop up before this house makes you significant income?

You need to extend closing long enough to confirm the damage will be 100% repaired to your satisfaction.

I would recommend you always check with your lender and agent to confirm this is okay.

Make sure you have cash reserves to cover those issues if your purchasing an older home

If the numbers come in as projected then you'll confirm the loan terms with your lender and close on the deal.

We both have great W2 income, great credit, great DTI, but limited cash reserves at the moment.