FNMA starting today will require reserves to be calculated differently than in the past.  

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Just make sure you are buying based on sound principals like good cashflow and have enough in reserves to handle any unknowns.

The word "speculate" seems to be reserved for those who could "take it or leave it" since they have so much money they can take the chance that it might go big.

Reserves and replacements should go below the NOI.Gino

I am doing some forecasting and wanted to get some thoughts on what people budget annually per unit for repairs (including unit turns but excluding $300 of CapEx reserve). 

I built up a $20K reserve over the first 18 months using profits from my first duplex, and am cashing out $1000-$1200 per month now (rents on that increased from $2200 - $2600, and my mortgage is about $1400 per month).

Plus, you'd still have your $6,000 which you could put in reserves.  

If this is hard money, expect 12 month terms (6 or 12 with option to extend for a %), interest rates around 10% - 14% (can find lower but typically reserved to experienced borrowers/flippers/rehabbers), and origination fee of 2% - 4%.

We believe strongly in our veterans and reserved 3 of our units for the VA.