DSCR/hard money are non owner occupy loans.If you decide to do FHA203K for the first home - a 203K consultant/inspector will be required for the standard 203k loan, you will unlikely be able to serve as GC and you sign a 1 year occupany affidavit.

The rules are pretty complicated and the only people who really know all the terms and rules thoroughly are the Rent Levelling Board.Caveating that I’m not an attorney so go seek your own advice but I clarified a few things at a recent rent levelling hearing (which are open to the public and you can find the schedules with a simple Google).

A non-franchised Broker with six agents won't have professional training and resources, so a new agent won't be trained as well and will struggle to get started. 

You'll have access to owner occupied loan products, therefore saving on your down payment, typically 3-5% compared to 20-25% for non owner occupied properties.

I got more than enough up front as the non-refundable Option fee to cover all expenses and rents and to get a judgment against the Optionee.

Problem is it doesn’t exist as a “public” offering.  

Simply put the risk of a non-renewal costs more.

And, the breakup fee is a non-starter.

I know that the general guidance is that emergency funds aren't to be invested, but given our financial security and the fact that we already have a personal e-fund in a safe, non-volatile location, would it still be crazy/unwise to invest this 15k in an S&P500 index fund in a brokerage? 

If you made those free they'd be complaining about jobs or supermarket deserts or lack of public transportation or some other issue.