Family emergencies and unexpected illnesses all can come to pass.  

@Jose Henriquez Once you find the financing make sure you still have enough access to some form of reserve funds in case of emergency.

“No one should be denied access to opportunity simply because they have experienced a medical emergency.”This statement is unfortunately laden with poor assumptions.

My goal is to start learning and hope to buy my second (we own our current home) property within the year to start my real estate investment journeyI got interested in Real Estate investing because I want to be able to have a large family and give them everything they need (college tuition, family trips, emergency fund) and want to grow a portfolio with constant cash flow to allow for these things. 

Minnesota does not have state income taxes for LLCs, but federal income taxes still apply. but we don't plan to generate revenue, or any revenue we generate would be thrown back into the LLC in the form of an emergency/maintenance fund, or towards another downpayment. 

Tenant suffers damage due to flood for failure by landlord to inform him that the property is in 100-year floodplainA 100-year floodplain refers to any area of the land designated as a flood hazard with 1% or greater chance of flooding each year by the Federal Emergency Management Agency.

Local community organizations might also provide emergency funds.

If not I will try to refinance and then either pull the trigger on furnishing the home for STR (cleaners and handymen were hired/ interviewed on the trip out,) and still have the boots on the ground in case of emergency.. or just long term rental and refinance, repeat…Not a perfect deal, but I learned a ton!

That can be helpful as a sort of emergency fund.  

Remember, it's a marathon, not a sprint, and keep a beefy emergency fund!