With this in mind, is there any reason I should even consider an FHA.

As you scale to additional rentals, you may want to consider an umbrella policy.

I've also had fencing installed for what I would consider an average sized yard twice and both were around $4,000 (6 ft standard style cedar).

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

You may want to consider an umbrella liability policy instead of the LLC so you can get conventional financing. 

Owner financing is another thing to consider.  An

Unless you are willing to offer more than the cash offers then the seller might consider an offer with a financing contingency

Any credit card is not an asset, it's a liability or a contingent liability to the credit limit.HELOCs are mortgage debt, either a liability or a contingent liability, a lender may allow you to keep  a HELOC, most will want it paid off and closed, then reapply with them if there is room for the LTV.As to existing mortgage debt, say a second that is to be left and subordinated to a new first mortgage holder, there are two aspects of underwriting, origination may use the interest rate at application, however, the total debt in underwriting may consider an increased rate, by the ceiling of the next adjustable rate or even the life time cap.

what would they consider an emergency?

Karen Margrave I'm curious- would you consider an equity deal for 30-40 SFRs to be "going big" or "going home"?