The Wall Street Journal/Realtor.com Emerging Markets Index attempts to identify the best cities to buy a home (or investment property) in.

On a good month of sales I can save 20k+ but on a bad month maybe only like 5kI have 101k saved in the account but I’m hesitant to plunge it all into my first deal, so that’s how I came up with 50k was using half, so that I have some easily accessible cash in reserves for living expenses, emergencies, etc. 

Similar to what's recommended for a personal emergency fund.

I have good credit (730+) and solid income.I am currently lined up for a conventional loan with ~15% down, 6.5% rate, and low closing costs but this would use up most of my liquid cash (minus emergency fund).

This money I specifically allocate to different personal funds....emergency fund, Pool fund, Porsche fund, vacation fund, ect...I then buy a rental property for 100,000.

Having cleaners is great, but there will still need to be “boots on the ground” people for town inspections, repairs, responding to guest emergencies, taking out trash, etc.

If not - I'm stuck renting for another five years or so (not the end of the world) to save up that cash, while still maintaining a sufficient personal emergency fund as well as a rental maintenance fund.Lots of food for thought here and I definitely appreciate everyone's input. 

I find it interesting that you list Minneapolis as an emerging market.

Assuming you do buy and generate $100-$200 a month in cash flow, will you still have funds left over after the down payment for emergency costs without having to rely on the $100-$200 that will come in?

When you get that emergency repair phone call at 2am on Thanksgiving day for example, you handle it.