I will also create an upfront operating account fund to cover any unexpected issues that occur before I build an adequately sized reserves account from the ongoing savings. 

I would suggest house hacking (buying a home with multiple units like a 3-plex) and getting the rent from the other two units to cover your own housing expenses.

Get a W2 jobAttend the real estate meetup groups in your marketHouse-hack your first investment propertyGet a profile picture :)

Any before/after pictures?

I would use whatever cash you can pull out to cover as much principal you can pay back on HELOC, but wouldn't go as far as paying off everything if you have to put significant amount of $ out of pocket. 

Good people,  cause no problems.If you are going to sue,  take pictures before you re do the home.....

Definitely seems that the volume of loans and their 'call' or balloon date(s) would be relevant so I think that makes sense.At least here Jack anecdotally I have seen a slightly better picture with regards to evaluating the 'bottom of the barrel' on price point properties here in Des Moines. 

Usually, when you get under the 1.25 DCR, the lender would do cash flow sweeps to cover the loan. 

Of course fed rates may have an effect on your overall picture but in my opinion this isn't something to stress about because it's largely out of our control as investors

She can still get her exemption of $250K which would cover all of the gain.