You can find several products that can be attached to a window which creates a second egress (think emergency rope ladder) these are cost effective and can be stored in a case as to not be messed with.

But this scenario also gives me the flexibility to not have to do that in an financial emergency, or sock away more cash flow towards the next investment.Any pitfalls I am missing here?

I’d say it depends on the strike price:A- basically turnkey, pay out the nose, appreciation play, break even or negative cashflow B- “cosmetic “, still low equity, some or no cashflowC- “needs work”, some equity but if it’s SFR not that sexy, .8-1.3% cashflow D- distressed, equity gets eaten up in repair but might get 1.3-1.5%You have to take into account any financial motivators, liens, concessions, the neighborhood, schools, taxes....Find the best value in an emerging market.

“Demand for homes priced below $250,000 is driving the emergence of new submarkets like Manor and Del Valle, where builders can construct homes at a lower cost,” Vaike O’Grady, Austin regional director for Metrostudy, said.

Let's survey the landlords here:Who here would rent to a tenant applicant with a bk within the last year or two, that couldn't show you that it was due to an unforeseen medical emergency or something else completely out of the tenant applicant's control?  

Work with them to resolve the situation.If they abandon the property, you'll have to deal with it according to state law.This is an example of why it's important to keep an emergency contact on file for every tenant and keep it updated.

Stepping into a purchase with current tenants can be a lot easier, if the numbers are good.You might look at a HELOC on your personal home, but not until you have really worked through the risks. it would be awful to lose your own home on your first investment purchase.It has only been five months since your home purchase- how is your emergency fund?

Buildings you could buy for 45k a unit a few years ago and put in 25k per unit (value add) are selling for 120k a unit now...so you are flirting with disaster following this model.   .I now work in IA, SD and WI for this reason and am considering following a national emerging market strategy.  

I am an emergency medicine resident in Ohio. my financial situation is as follows:Debts:My student loans: 70,000 @5.6%, 200,000My wife's student loans: 110000@ 7%Mortgage 120,000 @ 3.5%IncomeMy income: 55,000Wife's income: 60,000I also have about 7000 in savings and 15,000 in stocks/ETFs*I have 2 more years of residency and should then have a salary around 350 to 400,000.

About me: 27/M, DFW area TX,Salary ~ 50k gross Rent + Utilities ~ 25% of salary (shared house).Car ~ 10% of salary (9k owed and 3 years left).Credit cards are usually paid off or Utilized below 6%Credit score above 750.6 month emergency fund.