Have the money ready.2.

You aren't losing anything by doing so and may very well find a qualified buyer that does not have access to wholesale or off market lists that is willing to purchase the property all cash

If you hear "easy, fast, with no money required" - be cautious. 

I'll try to respond to each component of your comment:- My idea of using an equity partnership as described above is coming from Brandon Turner's book "Investing in Real Estate With No (and Low) Money Down," and in the chapter on partnerships he goes through various why someone with cash may want to engage in a partnership.

If I go the hard money route for my first investment property, am I still able to use my FHA less than 6 months later for a primary rental or because I have a property already in my portfolio will it be unavailable?

You can get a bridge loan (nice way of saying hard money) for the renovations and then, once all is back to normal, you can get a DSCR or other type of permanent financing done, but I don't know of any permanent financing scenario for an investment property that would allow the property to be in that state. 

You will lose your money.

If you cash out equity in a property, you are "borrowing" that money from the lender.

The reason we keep that number is if we have a major repair we have the funds, or if we lose a tenant.

Looking out for suggestions @Kaushik SarkarIf the equity in your properties is your only source for new investing, and the new property you are buying still cash-flow's with the cost of your borrowed money (from your properties), there is no reason to not use it as an investment vehicle.