One card you should never use as it is only for emergencies that arise that were unexpected from the flip.You have three days to open as many cards as you want and it will hit your credit score only once.I also learned this from a real estate seminar I attended.

Got an emergency call last week that one of the units toilet wouldn't flush and was backing up into the shower.

A couple of things: - If you put more cash down, perhaps there are opportunities on the debt side that emerge - can you find assumable debt? 

@Clay Hall, I like a HELOC on my primary residence as an emergency fund, and wish I’d had that extra money when I got started, simply as reserves.  

For me doing this gives me the flexibility that if something comes up I could use this savings in two ways for emergencies and for my savings goal.I have in the past taken more risk and put the money in low cost index funds within my taxable brokerage account like VOO but there is risk here. 

Has anyone identified an emerging market where you can BRRRR while cash flowing on S8 rentals?

A duplex in the $100-200k range with a target CoC return of 8-12% is definitely within reach, especially in some of the emerging neighborhoods.In terms of areas, you might want to explore neighborhoods like Bagley, East English Village, and parts of Grandmont-Rosedale.

I might use the HELOC as an emergency fund knowing if I tap into it I now have to aggressively pay it down.Then main thing is you don't want to overleverage any property and if you use a second mortgage to buy a property, you are essentially 100% leveraged on that property.

They should only call or knock on your door if there's a true emergency (life, flood, or blood type stuff).

Make sure you have a handyman contact and also research to find emergency service people (plumber for sure). you dont want to have to go searching at 11 pm at night because of an issue.