If so, what state and what are the details?

If you're interested in discussing your situation in more detail, feel free to reach out.

Find a way to pick up some extra income to get your emergency fund back to that $30k. 

Do you know where that standard is detailed by law, rules, regulations? 

For every extra bedroom you get, you're talking an extra $800. 

Houses are bigger, have more bells and whistles and people are willing to take on more debt-not for houses, but for extras (vacations, new cars every couple of years, experiences, etc). 

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

If you want the higher cash flow from a STR, are you willing to do the extra work and deal with more people?

An option to purchase could be a duplex to house hack, this can help you bring in extra income, and/or if it needs rehabbed you can live in the property while you do the rehab. 

I don't see 50 50 being a bad thing, but I would keep detailed records so you can look at how the deal turns out.