If you have assets for reserves and savings for down payments, you can look into commercial 'portfolio' loans where they do not use DTI as a qualifier; however, I do not know how available they will be in the current 'coronavirus' environment.

Especially to someone like me that believes in small federal government and more power to the states/counties.  

However upon approval of the buyer's mortgage, the mortgage company uncovered that the HOA did not have proper insurance to abide by federal requirements.

If outlook for Q2 could potentially be tight, not sure yet, isn't that the reason why the reserves are in place? 

Unless you are in a tourism town or a very poor area where tenants have no reserves it should be fine.

When I was taught CapEx I was told its more like a reserve rather than item by item.

If you get some great tenants and they take good care of the place, then great, you'll have some extra cash sitting around, but if not then at least you will be prepared with reserves for if something goes wrong.

@Briana Bean The 121 exclusion is for Federal capital gain taxes....it doesn’t vary state to state.

Walk through with a GC or jack of all trades handyman and ask: how much for a full repaint, how much for a new roof, how much for drywall patching, water heater, etc.I reserve for my capex and repairs separately, because they handle different items. 

I'm in the education phase now as I'm keeping up with the podcasts and reading Set For Life now.I am slowly working on warming my wife to the idea of using some of our reserves to buy an entry level rental home/duplex, but have also started thinking about whether going to house hacking, even if it's more on the "luxury" end with having an ADU or separate mother in law suite might be a better approach.