I still fly for the reserves and may make it to 20 years doing that but when it stops being fun I'll move on again. 

 @Jack Lupica I gotcha, I guess my reasoning for that is property is smaller areas naturally have less demand.

I've had more luck doing it for commercial loans, but even then the lender will want you to have a good amount of funds into the deal, plus reserves.

Everyone uses different rules of thumb, but I've typically seen the following:$500-$1,000 per unit in Replacement Reserves (usually lender required anyway), and1or 2 months of operating cash flow (to cover expenses and debt service for a month or two if any excessive vacancy occurs)Beyond that, it is a personal preference.

Have you been able to save for down payment and reserves?

Cape Coral needs apartment housing; it's currently dominated by SFR and duplex rentals due to the nature of the zoning.

Try substituting free & clear property as the collateral...an excellent way to raise hundreds of thousands of dollars in tax-free cash to shore up reserves, add improvements, and/or (of course) acquire more well-located income producing real estate.

Has anyone on BP ever undergone credit counseling from a third party program of this nature?

Hey James - transitioned off active duty myself around 2 years ago, then did a deployment with the reserves and got back in July.

The $20K we sunk into the rehab came from our cash reserves, and we should be able to refi out and get most of that back as long as appraisal goes well.