Was it an emergency?

FYI, Nevada law requires that you have someone within 60 miles of the property, that tenants can call in case of emergency or for repairs etc.

However, this leaves us scraping the bottom of the barrel (i.e. no money left for rehab and almost nonexistent emergency fund).

I know I have the drive for this competitive market but it’s very scary working with only investor money, and not having a decent backup for emergencies.

You are required to have an emergency escape window in each bedroom.  

I live in South Carolina, own my first home (3 years into a 30 yr mortgage), full time firefighter, debt free (except for mortgage), and have a Dave Ramsey approved emergency savings and reg contributions to a Roth IRA.

Unfortunately, he didn't have  emergency backup power, so had minor flooding.

It might mean you are getting a good deal.Example: Purchase 50K + rehab 60K + required 10% emergency reserve on rehab which is 6k in this case = 116,000 total transaction X 15% down of 17,400 leaves a 30 year mortgage for 98,600.

Although Florida did put restrictions on AirBNB's there were caveats to the rules, Emergency workers could still stay and if they were staying longer than 30 days was still allowed. 

This is why I keep 8 window units as emergency back up .