Also wondering what reserves are needed, on the subject property and property already owned. 

My general plan is 200k or so for a house that doesn’t need major work, put down 10% with traditional financing and live there for a little while, and have 10k left for minor repairs and cash reserves, with the intention of renting the house out at some point in the near future.

Just confirm that with them.  

1) For a conventional loan, Yes, its pretty much the same process - DTI, Credit Score, Reserves etc.

If you are buying from unlicensed wholesaler with an agent on your side, the agent will want you to use the standard contract as well and confirm where he or she will get paid from.If you are wholesaling virtually, you need a team on the ground.

I would say, your reserves look sort of low, unless the property is completely new.

I would like to see that confirmed somewhere

Did you confirm their income is at least 3X rent?

If you are using conventional loan or maybe some other loan product, then they will do their own bank appraisal and you may have to pay more or less than that down payment, so check with your loan officer too to make sure what you are bidding will work for them and your cash reserves or cash to close are appropriate.If you are paying cash then it doesnt matter.I think you can only bid low if you think the property is worth less, or you are the only bidder.   

With the rent comps in my area, I will be looking at around $1600 cashflow and that's with 500/mo in reserves!