save up that initial 20% for a conventional down payment, have another 20-30 % for repairs and emergency funds.  

Do you happen to have an emergency contact for her that you could reach out too? 

For investors and entrepreneurs who are willing to navigate through the complexities of this emerging market, the returns can be tremendous.

But, thanks to learning about budgeting for emergencies and CapEx we have survived and overall have had a challenging, but positive experience.

My plan is to use the extra $1000 to build up a 3 - 6 month emergency fund, then build up my 401k and other investments. 

What you should do is let them all know you will only respond to non emergency situations between 9am-5pm Monday - Friday or something of that nature.

They'll probably stay a few years or longer,probably won't trash the house when they leave, maybe you hire a prop manager and outside of an emergency you don't do that much.

I’ve gotten half the usual number of applicants on two of my rentals for 2018 as in the previous 5 years on average.So much for our “emergency housing crisis”

Materials can be easily quoted, but it is the labor that can be shady along with a mark up for, "incase of emergencies."  

Both of these loan programs can get you into a home with as little as 3% down, which would give you some additional capital/reserves for improvements after purchase, or a larger contingency/emergency fund, or a good place to start on your next home.