I did my due diligence by making sure they had a safe exit to use in the case of an emergency.

I currently am working on funding my emergency fund account with 6 months of security.

Hello All,I am currently educating myself in the area of ‘how to analyze markets/emerging markets’ and have been doing so for the past month to month and a half.

Having cash in the bank ready for emergencies is a good idea.

My thought was to offer her 4% or hourly rate with 4% max gross income  for Fielding calls (maintenance, emergencies, questions re policies, complaints, etc.)Inspecting units (bi annually, more in questionable situations)checking for leaks twice per year (part of inspection, putting blue tabs in toilet tanks, etc.)driveby's once per week (check for trash, exterior problems, etc.)We would do everything else.

Due to a family emergency they have asked if a sister-in-law can move in with her 2 kids.

@Brian M Sweeney the $20k is my emergency fund specifically for situations like this.

My main concern with managing myself is that I live in California and obviously would not be able to respond to emergencies, etc, very quickly myself.

And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

There are markets that are emerging and depending upon the target home price and tenant prospect, there are several sub-markets that have significant opportunity.