Once we started construction, we ran into several major problems including a steam pipe running through a kitchen wall that we were planning to open up, a huge leak inside a couple of walls that required the replacing of a whole exterior wall, damaged subfloors, major termite damage that resulted in a replacement of the sill plate in the master bedroom, needing to upgrade full electrical service (and split it into two separate panels) and a corroded water line that required emergency replacement all the way to the street in the middle of winter during record setting cold temps and a snow storm.

If things are unraveling for them, I would call their emergency contact and get their support system involved. 

Good tenants will let me know if something isn't working quite right, which usually heads off most emergency repairs.  

If this were for a potential flip and things looked incredibly good, I would be slightly more inclined to purchase with a little bit less of an emergency fund as you would be creating a quick turnover and could replenish the savings (hopefully).

We also have a few addendum pages - A page of emergency numbers and non-emergency numbers for local police, fire, utilities.  

If an emergency happens, make sure you at least pay the minimum payment. 2.

I spent over two years working for this "guy" responding to all kinds of calls from renters, at all times of night, and all types of "Emergencies!"...

I spent over two years working for this "guy" responding to all kinds of calls from renters, at all times of night, and all types of "Emergencies!"...

I spent over two years working for this "guy" responding to all kinds of calls from renters, at all times of night, and all types of "Emergencies!"...

Because of this I am very conservative with my money and what I do in life.So please keep all that in mind...here are my options I'm looking at (all options include me paying my car off, paying cash to completely furnish the house, and having an emergency fund left over):Option1: I buy a house (single family or house hack with a multifamily) as if I were going to use it as an investment property (make money going in, positive cashflow, 20-25% down, etc.).