Or am I getting some things wrong.be harsh here that 40k is almost everything we got savings wise. we will have a 5k emergency fund after this. and the current tenant leases are up so I would have to start fresh tenant wise maybe hire property managment and just pay out of pocket for themIt looks good from a newbes eyes but I want to hear from the pros

I would put 5% into your retirement so that you can be saving the rest for a downpayment and a three to six month emergency fund faster.

It has been hard to find good and reliable contractors to do repairs and emergency service calls.Anyone has good reliable handyman/plumbers/carpenters/contractors that can refer to me.Thanks in advance

Call their emergency contact to come get the dogGet some recommendations from animal control

Hello Jessica,My recommendation is to post notice to the tenant that you will be  entering the unit to fix the water leak, which in most cases the lease would give you the right to enter without notice since it would be considered an emergency. 

Others start threads about emergencies with this tenant, that pitbull, the PM co, the flood, etc...

Where are the so-called “emerging markets” for raw land?

I have one major requirements for my property manager and that is he is to contact and use my trusted and vetted handymen for all non emergency repairs and maintenance calls.

Additionally, it does not apply to rotable, temporary, and standby emergency spare parts"Essentially, an appliance or other equipment installed in a building is considered Rotable and Temporary when installed in a UOP (defined as a building, in this case).  

I once read that you should only invest your money after having a "cushion" saved up for these kinds of emergencies.