I do have some cash reserves and and around 40k left in my heloc that is available to use on more properties.

One needs kitchen renovation - I have reserves to cover costs.

Thanks for inspiration and confirmation!

If you'll pay your contractors via signed contract or just invoices, you won't need to worry about 1099, to confirm, talk to your CPA. 

Can I just walk in and rent a unit or do I need to reserve one a few weeks in advance? 

So mortgaging down to your underwear with no reserves is not the way to "financial freedom" no matter what the "gurus" on BP preach daily

I already knew what he was saying as I follow lots of economists but there was something about his presentation that confirmed the path I am an on and I felt like he gave me permission to fully unlock an aggressive approach to acquiring property. 

For our note funds, we set aside about 10% of capital raised as reserves.

Starting a rehab, I’ve had five plumbers out, 3 came back with bids two of them are just under $11k (moving a toilet and shower drain on slab foundation and other misc.) the third is at $5k, of whom I had to write the contract up, confirmed the scope to match others, have found good reviews on a contractor site.

So that's nice from a liability perspective but I am still concerned about tenant safety.I confirmed seller will not replace knob and tube at their expense and their comment,  "Per the electrician - there is active knob and tube wiring in the attic.