That and the feeling I get after a good run definitely puts me in a more relaxed state.

I believe it places you in a more vulnerable situation.

I have never regretted having cash on hand, and you may need to readjust your living situation more than a more able-bodied investor.Buy a new multi-unit property in new location, possibly lease purchase, owner carry or other non-bank (i.e. flexible) situation, allowing you to keep the aforementioned emergency fund and still get into a new property.

Maybe buying a rental property during one of the extreme lows would be a good investment, but I would tend to lean more to the DFW area as a more stable market for long term investment success.And, don't forget, we are currently experiencing a sellers' market here, so if you decide to sell, it shouldn't take too long.

For instance, there is a house I looked at yesterday that I want to put an offer on, but there is definite termite damage and I would like to get a more detailed inspection on it, but don't want to pay for it until I get it under contract.

Not only are you getting value added to the building but your being a more responsible landlord...and it might cost you nothing except the time to make the appointments.

I originally posted this in my intro thread, but this forum seemed a more appropriate place.

It is possible that a hard money lender will loan you a percentage .65 of ARV, but you will still need funds to cover closing costs and the initial draw.You could partner with a more experienced rehabber, if you bring them a good deal they could take the lead and fund the deal.

Right away you can tell if the property is in a more difficult area, which is going to introduce more valatility for you.

Does each one have a more specific purpose, in so much as what you put on them (pictures, copy, colors)?