This immediately weeded out many of the bigger cities and left me with emerging markets at higher cap rates.From there I started looking for low property tax rates,favorable Landlord Tenant Laws, etc.In my opinion there are lots of cities in FL that are set up well to appreciate and cash flow.

Example:- if this is an Emergency hang up and dial 911- If you are calling about a mechanical system not working such as A/C, Dishwasher, Plumbing, and etc.

(for the record, the property is cash flow positive about $100 per month as is and is only a 5 year old home, but my emergency fund is only about $10k right now)And does it make sense to ever use a line of credit?

This specific home was built in 1887, in the city of chicago.I just pulled the permit history, the only permit issued it seems was for an “emergency wreck, and remove a 2 story frame residence.”

You're going to want to set aside for water heaters, furnace repairs (which are hella expensive because they only fail when it's an emergency) and the roof.That all said, when I first started, I broke even for a while.

Never had emergency when we lived there.

I'm so sorry, my attorney advised that i can no longer enter the premises without you present unless of a dire emergency like fire/pipe bursting etc" that sounds way more professional than "my fiancee wont let me anymore"...and take it from a female...it'll sound better to your fiancee too. 

I'm not ready to take advantage of any deals yet, and will be spending the next year learning how this works so that I can dive in head first once I get my emergency buffers built up again. 

I have 20k in reserves now as an emergency fund.

My current interests for diversification are international emerging markets, and since reading these forums I have also become more interested in multi-family.