The best case scenario for someone who's not a young gun looks something like this in my mind:You have cash tucked away to cover:Downpayment6 Months of mortgage for the new property (in case of vacancy)6 Months to a year of salary put away in case you lose your jobAlso, you'll have a solid W2 job with enough income that if you lost everything listed above, it wouldn't ruin you.

Main reason I'm looking to rent is because I have very little equity in this house and I would prob lose money if I sold it now once closing costs are paid.  

You may need to take out a first mortgage to protect your second, if you lose the collateral to a first lien holder, you're out of collateral.

That way whenever he finds a good deal that he needs to close asap on he will have the funds available with waiting two, three weeks to close and potentially losing the deal

I of course understand property you already hold will lose value.  

Thus began an extremely stressful 10 weeks (occurring simultaneously with losing my dad).  

Heres is a question, why in the heck does people that are on section 8 that most likely dont have income coming in and has bad credit get approved for a rental, I hear people say that because the rental payment is guranteed, nothing is guranteed especially section 8 people theres alot of people that dont follow the rules for section 8 like people living with them or getting caught doing drugs its just a matter of time that they will get caught and lose their section 8.

4 plx opportunity looks better because you will be "losing" only 25% of income living there.

Trust me, you'll lose!

Are your tired of Dodd-Frank, afraid of losing mortgage deductions worries about raising capital gains ,anti-flipping laws.Worried about the fed trying to deflate real estate bubbles.Our answer has arrived The Donald finally an investor friendly, no worries real estate guy can we can claim as our ownWhat do we think Bigger Pockets nation?