LEaving you 220K for emergency schooling.

Because we are owned by the bank, it gives us leverage to work with builders and get true deals in emerging markets, using the builders who have built a repore with us in the past.

I am looking for new and emerging investment markets on the east coast.

By exit strategies, I mean having enough equity to be able to drop the price significantly to move it in case of an emergency or as you said, offering a lease option or taking less in rents to at least break even so that you don't come out of pocket.

If it was an absolute emergency I would, but it doesn't seem like a good deal to me.

Since recent development in Amarillo has been limited to commercial and single family housing, it is unlikely that there is enough local experience to be progressive enough to really see the big picture.Absolutely for a beginner investor, be safe, search markets with less emerging competition.

My mom does have a little money saved up for emergencies like this, but I don't think she expected to have to use it.

Yes, they go after spouses for emergency hospital bills.

So, the realtor and I set up a time to view 3 more properties the next day...she cancelled on me via text message at 3:30 in the morning to tell me that she had been in the emergency room with her daughter all night, and that she has to cancel our appointment for Sunday!

I have set aside some emergency funds for what will go wrong after I purchase the deal, but I wonder how much is a good number?