We just don't want to be caught off guard by big repairs down the line.  

I got out of the Coast Guard last year and I am going back to school full time studying Economics at Arizona State.

I am new to Connecticut i am stationed at the United States Coast Guard station there, i am originally from Gilbert Arizona. i am interested in buying  a multi-family living in one side & renting out the other, i am also interested in buying nasty homes & flipping them.

This guards against more than the car repair, it guards against loss of employment.Having a substantial cash reserve is also a psychological benefit - knowing you are "OK" no matter what hits you is important.

I currently work for the Federal Government and I am a member of the NJ Air National Guard.

There is a house I'm thinking about (have no experience) there is a possibility that the owner might be motivated to sell but the house is very close to the road and it feels like a car going to fast around the corner could easily go right through the house (a few stories of cars that did that) they have a guard rail but.....will this always be a bad investment because of the location?

I am planning on buying more weapons soon James, maybe with some great deals I can buy body guards for my girls.

You cannot buy a family member's or friend's property in a short sale, which is a legality set up to guard against fraud.Now if you meant instead that your parents have a contract on a short sale property that you'd like to take over/buy from them, that could be a different animal ... though I still don't think you'd be allowed to do it.And loans from private lenders are typically much shorter terms, nowhere near 30 years.

What you did catch me off guard with was your FMRR equation.

Talk to people, pick their brain (sometimes harder than it seems because people may want to guard their successful methods), offer to provide them value in return for their knowledge.Good luck!