I'm in the process of changing careers into the medical industry.  

CF, and now appreciating at a faster rate than in the past, so good for flips, and even better for CF since you can refi to get cash out...and still CF at least 300/month with a PM in place (and no cash left in).2 - Livonia:  You name it, you can do it, big time.3 - Ypsilanti:  Same as above, but add both student and medical housing to the mix4 - Garden City, Westland, Romulus, Wayne, the list goes on (I know I'm leaving a few out).

I want to take over these properties and make this situation a win win for both of us, especially due to the idea that his numbers for buying the properties outright are outside of anything an investor would want to pay.So here is my question:I want to be able to offer him a down payment in the amount of 3000 and have 2000 put up, in case of emergencies to begin with.

When you get that non-emergency call or text at night or on a weekend about something stupid and it interrupts your day/evening for the 3rd time, remember there is a huge difference when you also own the building.

I have over 20k equity in the house already (paid 54k for it) and I like to think of it as a nice backup for financing or an emergency fund for other properties I'd like to buy.

If there's an emergency which demands immediate action (hot water heater burst) and exceeds your reserve funds, the management firm may cover the overage and invoice you the difference...Additionally, the management firm will provide accounting statements or other updates on a regular basis, depending on the level of engagement you prefer. 

Once an acceptable emergency fund is in place, would anyone begin paying down on the loans?  

I finally told her to just trust that I will maintain a healthy emergency fund and not over extend our finances.  

Don't get me wrong I do still enjoy some of the perks of being in the Military ie. 30 days vacation a year, tuition assistance, medical, dental, steady income. 

I'm a potential investor looking to emerge into the real estate industry.