You only need to ensure that the property can meet the self-sufficiency test, plus you have three months of reserves. 

I will also note that we were approved for a second property in Oct 2012 (1 full year of landlording and only 4 months on tax returns) with sufficient reserves - which they considered 12 months of mortgage payments in the bank + 25% down so it is negotiable

If I feel the slightest bit of those traits when talking to a prospective tenant I immediately pass.I think more reserved people make much better tenants 

And in commercial lending, reserve funds will also be required to hold the property as a rental.

They revolted against and warned about anything that resembles the federal reserve to avoid the exact situation we're in.

Your budget must also establish a reserve fund for capital improvements of the building and the sponsor (you) are normally required to post a certain dollar amount in reserve for use by the condo assn in the future.

I fear that the US Treasury, the Federal Reserve, and the White House may decide who wins and who loses in the capital markets over the next three to five years.

I'm able to rent it 18 months in advance.My immediate focus is building up my reserves for each property.

E of tax return* Signed leases* An income appraisal* 6 mths rent loss insurance* A detailed operating income statement pro-forma of expenses and replacement reserves that must be signed off by appraiser and underwriter.

If your getting them enough money they likely may not reserve their right to pursue the deficiency...so now everyone wins.