When I do it at 20% down, I can only find negative cashflow, so I could be looking in the wrong spot, or I need to put more down, or I am missing something all together.I have read that making a 8% return or higher is what to look for, and I can find break even.

Additionally, trying to spot paint even a white wall with white paint doesn't work, let alone other colors.

All are local to me in a non-vacation rental spot.

Just keep in mind that using that emergency fund to buy your next property and having tapped a HELOC already may leave you in a bad spot if you run into a similar problem again.Also, I’m not 100% sure, but I have heard that personal loans don’t your credit more so than other types of debt so be sure you look into that if you go the personal loans route and then planned to finance your next purchase soon after.

Chris answer is spot on.I'll add "quick closing".You won't find investors easily, you have to go to a lot of meetups to build them.

Good writeup, I think you are spot on. 

That’s part of what drove me toward the luxury angle, catering to a niche market that’s currently underserved.Your point about local demand alignment is spot-on.

Divide is a good spot for airbnbs.

I've been a solo broker for well over 20 years and can spot a serious buyer/seller very quickly. 

Our sweet spot for our depressed are is rent 28%-31% of income.