Screen tenants thoroughly, have a solid lease, and maintain an emergency fund for unexpected expenses.

I've heard horror stories that it's usually impossible due to the "burden placed on the municipality" but could really never understand what that burden was... most people living in those units wouldn't be using the school systems so aside from maybe an increased volume in emergency medical situations I can not understand that statement? 

We’re not used to seeing emergency declarations as frequently as they do in Florida.Our borrower is a local rehabber with a property scheduled to be funded today and close tomorrow.

Only "CASH OUT" of your IRA in cash of an emergency or you are at retirement age. 

I am a property manager and in an emergency I will go to the property and provide access.

Will make this pursuit their full-time job for the next several years, and commit whatever they have, aside from a suitable personal emergency fund, to the thesis.  

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

—so you’re not scrambling during emergencies.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

I would pull from it to refund a 401K in an emergency or if something catastrophic happened in the business but I have this there as more of a lifeline then funds to actually use.