I have this plan so far: to set up a solid nest egg/emergency fund covering 3-6 months of my life expenses, then save up my down payment for my first deal - as of right now I was recently considering that FHA loan with only 3.5% down but your idea presented about 25% percent down one time, then pulling it out after a refi is something I want to understand better so I know which option to choose. 

Also, I plan to have around 45-50k for a 5-10% mortgage, while leaving some money for an emergency fund.

Tree roots busted the sewer main, needed emergency replacement on a Sunday, we got pretty screwed calling a retail plumber while we were out of town...

If the area is just emerging then some tenants say it's too green.

Have an emergency fund, as things will break, people will miss paying rent on time and you will be stuck with a mortgage payment to the bank to protect your credit. 

I'll explain:My boyfriend and, I moved from Long Island, NY to Richmond, VA on a sort of emergency basis hoping to find a better living here.

@johnLongterm ill have it professiinally managed, but i want to spend a year or so learning the ups and downs of management.Outside of the routine lawncare, i am mostly nust looking for contractors in the area to handle emergencies.

Nothing, in particular, happens to your mortgages, but you will now have to pay:1) Your mortgage on your original home2) Your payment on your HELOC (can be either fixed or floating rate)3) Your mortgage on the second homeMany people run into liquidity issues if something happens (loss of a tenant, medical emergency, loss of job) and can't afford to pay all of these.  

If the tenant had a emergency repair needed you would have to respond to that.My response has been it's in the courts hands now. 

25k for a home and 10k for emergency reserves.