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. 

The buyer pays rent and, at the end of the lease term, can purchase the property or give up his lease option.

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'm navigating the process of purchasing a rental property for the first time and would love to hear the forum conversation insights.

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.   

Another big factor is which state the property is located. 

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

I am considering getting a HELOC to pull 75-100k for a 25% downpayment on a rental property.