Red tape = dealing with the government, getting the house inspected and approved, learning the procedures of Section 8 so you do everything the right way.

My suggestion.. ask about their program, see if they’d be willing to let you see their policies and procedures.

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.

Save up ~$10k in HYSA emergency fund2.

You can then compare what you're doing to the PMC and even use the PMC as an emergency backup as needed.

Happy tenants are more likely to renew leases, reducing turnover costs and vacancies.Legal Compliance: Property managers ensure compliance with local, state, and federal laws, including regulations on rent control, fair housing, tenant rights, and eviction procedures.

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? 

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

@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.