She stated some family emergency and only gave me 3 days notice but only after I reached out right before her first payment was due. 

Keep your 50k for emergencies or repairs or even find another duplex/fourplex to buy with a conventional loan. 

Where are the emerging areas? 

There are a few KPI's that make IB an emerging market.

I have a HELOC that I use as my emergency fund / reserves.

You should also have roughly a 10-20% buffer saved up above your rehab budget for unforeseen repairs that might need to be taken care of or for emergencies like a pipe bursting or a break-in.Investing in real estate should be with your "play" money when you're just starting out, you don't want to be putting your entire savings into your first deal and have it go sideways and lose everything you've saved up.

Low income tenants were very difficult to deal with, because they simply didn't have savings and any emergency resulted in them using rent money, with the idea that they'll catch up before the eviction was finalized.

We give you a dedicated line for your tenants to callWe diagnose if the issue is an emergency or notWe troubleshoot the issue with our own team to try and get a fix done over the phoneWe will get a contractor out to the home asap if we can't fix the emergency on the phoneIf it is a standard request, we'll email you and see if you want us to send someone out to fix itIf you think a service like ours would save you time and hassle please reach out.

Keep your cash hand on for emergencies and opportunities. 

This is the sum of purchase price plus rehab dollars plus the 6 months house payment money plus a 10% to 20% emergency reserve for unexpected extra rehab costs popping up in the rehab process If you don't even need to use to 10% to 20% emergency fund then the loan reduces at the end and you don't borrow it.Example :  purchase price = 100,000 + 50,000 for rehab and 15,000 for reserve and x months of piti= 165,000 so 3.50 % down is then $ x5775.00HomeStyle is an alternative but on a 2 to 4 unit it is 25% down.