If it's related to nonpayment of rent, the changes they appeal is very low. 

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

Looking to cash flow on low entry homes in some pretty nice neighborhoods close to where I grew up.

Its a long term low cost play for me.

If you purchase with 20k you will be paying PMI and the returns are too low. 

Brandon Turner wrote a book for BP called Investing with Low or No Money Down - start with that.

Instead:401(k) loans: They’re low-interest, and you’re paying yourself back.Roth rollovers If you can afford the taxes now, this gives future flexibility.Creative financing: I’ve seen clients leverage partnerships or seller financing to limit retirement fund withdrawals.One thing to consider: real estate markets today are vastly different from a decade ago.. so opportunities may require extra creativity.Have you looked into specific deals yet?

While you might find a lender offering low down payment options, you'll still need cash reserves for repairs, maintenance, emergency fund (ideally 3-6 months of expenses), etc.

Usually of the home requires major repairs it may require a HML "hard money loan" then you refinance in 6 months on the new ARV.DSCR is also not a great avenue for low loan amounts because all loans under $125K will take a rate hit and the minimums are usually $125k after down payment with some going down to $100K Min.

Here is your tip:Buy low and sell high, also don't eat the yellow snow.