Then keep $30,000 in reserves in a hysa for emergencies.

There is a State of Emergency in effect and anti-price gouging laws apply.

I wouldn't trade that for Airbnb's Aircover which is much more specific in what they will cover.

I'm coming from the perspective of having boots on the ground in the area who have connections in case an emergency arises.

Also, I found 2 ideologies regarding such development projects: Use one GC for the entire development or use that GC only for crucial trades such as foundation, framing, roofing , external siding, etc. and use sub contractors for finish and interior work to reduce cost.

Apart from the above contacts, I ask for an emergency contact.

Whether trades or medical.  

The overtime is not a consideration when there are emergency situation.

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.