In other words, enough in reserves to pay the mortgage on all properties as if none of them were generating any income. 

PMI has become a dirty word, like ARMs for all the wrong reason.

One word of caution is I would be careful of investment opportunities offering returns that high.

The roofer that looked it said it in those many words that the roof needs to be completely replaced. 

I would also have a few choice words for daddy.

And more recently: http://www.tampabay.com/news/localgovernment/pinel...Note that: "Local restrictions on the books before 2011 were grandfathered in, but cities that change even a word in the existing ordinances will lose their law entirely.

If you can't bring cash to the closing table and can't sell, then you could be foreclosed when the note becomes due.I've had good success browsing craigslist or even MLS listings, using those key words, to find deals.- Tom

The "word" is that this area is being revitalized but investing there now seems a little scary.  

Well when I first started out, I mail merged a letter template on Word with my mailing lists on Excel.

In other words, there is a lot to learn and it can't be done in 3 months.