With that being said if I put 3.5% down with a FHA loan that would be $10,500, plus 2% closing fees ($6,000) and I estimate a 3 month emergency fund to be around $7,500 on the safer end.

keep one for emergencies ... 

They should only knock on your door when it's an emergency.

. $21.55 billion for emergency rental assistance through September 30, 2027$5 billion in emergency housing vouchers through September 30, 2030$100 million for tribal housing improvements$100 million for rural housing through September 30, 2022$5 billion to assist people experiencing homelessnessThe added $21.55 billion has increased the overall assistance to $45 billion from Congress for renters.

They can close extremely quick and can serve as your emergency plan or even plan a if their offer is high enough. 

I have great tenants who always pay on time but just had an emergency this month and rent is late.

I currently keep my emergency fund in a ROTH.

As long as the cash flow and other due diligence numbers make sense, you have a plan for property management and some backup cash for emergencies, it should be doable.

It is not your fault your tenant did not save cash to prepare for emergency situations.

Make sure you are on the right path by considering the following:💲Find rental properties in emerging neighborhoods💲Diversify your investments considering investments in other states and cities💲Nip maintenance issues in the bud before they get bigger💲Leverage the experts💲Get to know your market💲Treat your investments like a business it requires planning, execution, and management💲Count on vacancies💲Know your tax laws👉It always seems impossible, until is done!