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).

Austin was appreciating faster than non-tech cities.

Think if someone like Public Storage builds next door. 

Specifically that are not in non disclosure states.

If a company is performing poorly, they should allow to break up for the release.Failure to do these kind of things...results in bad publicity for the company like this post does.Thank you for sharing your experience.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go FHA has the self sustaining requirement that requires the three non owner occupied  units to cover the entire PITI which with 3.5% or 5% down is virtually impossible with today's interest rates and price level.

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

If borrowing, use a non-recourse loan since personal guarantees aren't allowed.

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? 

That way they keep their licenses and ratings.I don't see much of a difference really.Don't keep them out as they will get increasingly suspicious and they might pull your permit for non-compliance.