You will need considerable reserves-12 months.

Thank you @Mark Burns for confirming that.

Small time landlords who were ‘managing’ their own properties and did not have reserves to stay afloat during this time and kept putting off all the maintanence items over the years just wanted to get rid of their properties. 6 of my 8 units acquired in the past 6 months were tired landlords and the remaining 2 units were from a friend who owned a property for over a year and did not have time to fix it.

I have paid off all my debts and have about 6 months of cash reserves.

I would not give them the keys until that is complete and you confirm it with the utility company. 

Upon move-out we have them send a picture of the unit to confirm it's all cleaned out, so in most cases we aren't even going out to check on it.

I also wanted to clarify that when you say 70/30 after NOI, keep in mind that the mortgage payment, capital expenses, and adequate reserves have to be paid prior to free distributable cash-flow. 6% pref is on the low side of market but not unreasonable by any means. 

We have educated ourselves, saved up cash reserves, found a real estate agent, and gotten pre-qualified for a no money down VA loan.

In general south of Seattle will be the best place for numbers in a house hack just since homes are at a lower price point.Rent from the 5 rented rooms is 4700/moMortgage is 3700/moUtilities, reserves and other expenses come out to 1000/mo so I'm essentially living in the 6th room for free!

If this happened, then that would tell me that they didn't do a very good job with the initial budget and the HOA doesn't have a very healthy reserve fund