Usually, will we need 6 months of reserves for the new rental property plus a certain number of months of reserves for our own home in order to get financing?

To add on to what Curt and Dean said, multi family housing usually attracts a very low income tenant.

They're only going to lend you 80% of the project so you'll have to come up with this extra on your own. 

We usually have 5-6 properties in inventory at any given time.

Even going $10k over on the Reno and 5 extra months holding costs, the property will still cash flow.

Income) & without the "Extras' We're talking  $250-$500+ (Dependant on a feature)!!

On jobs we usually have a dumpster , but after its gone there is always something to haul .

I would definitely request the seller to give me a copy of the lease as a contingency to close the escrow unless it is a very good deal, then I don't mind spending extra money to get the tenants out after close of escrow.

You can usually forget any deposits being transferred to you.....the seller is claiming they have no money, and the bank won't pay it.  

If its not bank owned, they will usually negotiate with the highest bidder.