Lets assume for simplicity it exceeds the 1% rule and rents for 1600 a month and your costs are right at 50% so it cash flows $800 per month3) $150k used to put 20% down on 5 houses identical to the one in 2) above. 

If that's against the rules, let me know.   

But I've also seen conflicting info about the rules on delayed financing regarding the value of the property.

I’d also guess (tangentially) it’s why those “rules” like the 70% rule result is so much frustration for newbies.

I really like to use rough estimates, 1% rule, 50% rule, etc.

Also, Texas has some tricky rules to these things too.  

Throw in the new rules and see if they'll abide by them.

Answer will largely depend on;A) Language of the lease agreement,B) The local laws related to enforceability of language in lease agreements.No answer can be given without knowing both factors, as well as knowing how your local judges would rule on same.

@Quincy P. a good rule of thumb for cash reserves is 5% of purchase price (above and beyond what's already budgeted for capex).

And then when you come back you convert the rental back into your primary residence so it will once again be eligible for the 121 exemption.This can work but there some big restrictions when the primary you sell has been converted from investment.