Save every penny you can until you have adequate down payment and an emergency fund. 

The emergence of long-term-care-insurance products has reduced this need somewhat, but it was a big issue even a few years ago. 

A heloc on that (as an emergency fund for property expenses) means we can now save just enough for a down payment on MFH & required reserves and don't need to wait until we have another 20K for surprise cap-ex & repairs.

First, start with 3 months worth of your normal expenses in an emergency/high yield savings account.  

Also, do you have any additional savings accounts allocated for things such as emergency expenses or other large purchases?

What would he do if a plumber was needed an emergency situation?

I have one in case there is an emergency (there never has been) or in case the tenants lock out or in case they disappear. 

Imagine what would happen in an emergency situation. 

The mortgage payments were really inexpensive and it allowed us to complete repairs when we had the time since I was still active duty and my wife is a registered nurse in the local emergency room. 

I’m looking more for emerging markets, up and coming areas, where I can jump on early and reap the benefits.