Emergency life situations I would keep a 15-20k credit card empty or LOC, with a payment you have already factored in to your monthly budget. 

If you want to a short term rental, I'd say your budget is getting close to enough to have a great one IF you're willing to do work on it but likely should save up a little more regardless. 

Make sure you have a good idea of who is traveling to your area and why and what their typical budget is.

Lastly, develop a clear business plan outlining your renovation budget, project timeline, and profit targets.

Approximate purchase price of $650-$850k with a construction budget of $1.0-$1.5m depending on total unit count. 

Get rough quotes for projects on certain houses.Then budget for about 125% of it and 25% more time; and go after it.

I agree with Kyle, definitely do some research on specific neighborhoods and compare to what your budget is.

Call a septic company and they will come with their truck, dig down so they can pop the top off, pump it out, and inspect it for you.If you've had contractors in the house, I wouldn't be surprised that things that shouldn't have been flushed were flushed.

Should also require financial literacy programs, so they learn how to budget, save and fix their credit.I don't like my tax dollars supporting "free loaders" for decades. 

There is a lack of new building and with the Tesla semi-truck factory opening next year the pressure on the housing market is only going to increase.