It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

If leveraging equity feels too risky, you might consider using a portion of the equity to fund your next property while keeping reserves intact.

The first warning I always do written (via email), second warning is an official letter on their door saying they're violating their lease to allow other residents the right of enjoyment (if you put this in your lease).

Once you get going, your appreciation will be great over time so you can recycle the equity to buy more and more properties.

I would personally use some of that equity and get started with your first property.

If you do have to move because of a job, you would be safest (in my opinion, i am not giving legal advice or financial advice), i would sell that property to ensure that you did not just purchase with the goal of moving out early and taking advantage of lower rates and lower down payments for purchasing your home as a primary residence. 

If it's a deal that is in a very very desirable location and has tons of built in equity and appreciation, I would be totally good with negative cash flow for Y1 and Y2.

If you feel ambitious, you could try a BRRR strategy adding additional equity to the subject home and then taking equity out of it to pay off either the HELOC or if you decided to the refinance the primary residence. 

You state that you have 20% - 25% equity position for safety, but you don't based on the information you gave. 

Either way, you have options which is great to have at 22 years old with equity in hand!