If you're in a great capital position with ample reserves, then you could try the bank-statement loan and just refi later when you qualify.

There are nontraditional options for financing owner occupied properties, but you typically need good credit, lots of reserves and a decent down payment. 

We have a reserve fromt eh owner of a few hundred dollars, from which we pay the vendors for any repairs.

Dave Ramsey would be all for this, im not a worshipper but some short term hard work for long term gains can't hurt.I've got two Tesla model 3's reserved, if Elon Musk comes through I'll be able to send them out in the network driverless to do my side hussle for me.

That felt like a solid amount that got me into my first deal and left me with plenty of reserves for emergencies.

Generate sufficient additional income/reserves to fund private education for my children.

Question 3) Do you calculate reserves into you're monthly expenses?

Wondering whether I can even compete in this market is a main concern as my cash reserves are nearly non-existent and my knowledge of navigating the creative means of financing are conceptual at best.

So you can take out a private mortgage secured by your primary residence (or any other real estate besides the place you are buying), and boom there's your down payment, your cash to close, and your required reserves.

You need a non-recourse loan and 30-40% for a down payment plus 10-15% for reserves.