Additionally, cash purchases can often be quicker and simpler, avoiding the complexities and timelines associated with HML.However, using HML can preserve your cash reserves for other opportunities and emergencies.

Tenants can't text/call me unless it's an emergency.3.

The second mistake is that you must beef up that emergency fund for your investments.

Here are some key recommendations to consider:1.Focus on Emerging Neighborhoods:Look for emerging neighborhoods in Orange County where property prices are still reasonable but expected to appreciate.2.Niche Markets:Consider niche markets like student housing or senior living, which can offer stable rental income.3.BRRRR Strategy:Use the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) to increase your property’s value and refinance to reinvest.4.Partnerships:Form partnerships with other investors to pool resources and share risks.

When deciding between managing your own property or hiring a professional service, consider these key factors: your available time and expertise, knowledge of local regulations, property scale and location, access to reliable maintenance resources, tenant management capabilities, financial implications, emergency responsiveness, and personal preference for hands-on versus delegated management.

While researching and evaluating homes, I had an idea for managing the down payment and emergencies for the first property.When I find a property with good cash flow, I could use a private money lender (PML) to cover the down payment and closing costs.

To cover for any emergencies I think 15-10% would be best.Thank you 

You could advise them to look into programs for emergency rental assistance.

The simplest emergency puts them out and they’re late on rent again. lol.

(Fortunately, we were insured)Emergency Fund: Always have extra cash for unexpected events.Tenant Support: Keep good communication and support your tenants through tough times.Final ThoughtsThis July 4th was a disaster, but it’s also a stark reminder of the unpredictable nature of real estate investing.