Stick to your plan if you need $30k for an adequate down payment and reserves then stick with that, there isn't a massive buying opportunity in RE yet like there was in the stock market. 

This variable is important.I have large cash reserves, zero debt, along with numerous lines of credit and credit cards-- again, all at zero.

Most people that are going to reserve to stay at your property will “book it now” no questions asked.Our experience is that if they inquire with a question, it’s about a 50% chance they book.  

In any case, it is a reason why you need to carry sufficient reserves.

I would suggest building up your reserves as much as possible in the meantime to help afford more of a down payment and researching how you can find great deals in the area.

Point is if your tenants are paying and/or you have the reserves, pay your bills.  

I make about 100,000 per year, have 200,000 in reserves, and have no other outstanding debt. 

Plus $200 for reserves.

Even if you can do it and get the loan, what are your plans for reserves? 

I also have reserves for my rentals that can handle 1/2 vacancy for 2 months.