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I don't think there is any standard rainy day fund. For some people it might be the ability to cover 3 months with no rent, for others it might be 1 year. How long can you last if you loose your job and can't get another one? The answer is different for everyone. There's plenty of people...

A parental guarantee cross collateralises your property with your parents. It's one of those times where cross collateralisation can work to your advantage, but make sure it works for your parents plans as well.

You've used $40k equity twice. Where's the second $40k coming from? Removing the guarantor from the existing property requires you to be able to borrow another $40k against that property. This appears to be fine assuming there's enough equity in that property. Then you want to: Then create a...