I have added new electric service, all new plumbing, an additional bathroom, remodeled Kitchen all the way down to the studs, new carpet on the second floor, and new LVP on the first floor.

I use this property and another one as my business line of credit. 

Whether the seller was open to a buyer commission or not, I wouldn't put an additional cost into any personal purchase.  

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

@Stefano Vrolijk it all depends on your credit history, whether you have an SSN/ ITIN and how much you can put down.

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Section 8 would tend to carry higher repair and as a result, additional vacancy.OP’s definition of cash flow is rent minus piti.  

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

In addition to property sourcing, I require an agent who can negotiate effectively on my behalf, ensuring I secure the best possible deals.If you have experience in identifying distressed properties or working with real estate investors in Florida, I would love to connect.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.