@Hae-Yuan Chang here is a BP Blog post that explains CAPEX reserves. https://www.biggerpockets.com/renewsblog/2015/10/13/real-estate-capex-estimate-capital-expenditures/You should also budget a minimum of $500 per year for routine or emergency maintenance.  

I'd start shopping for new tenant..you could waive late fee but he needs to make a weekly payment on rent until it's current.I'd issue pay or quit,, he may be eligible for emergency assistance and with a pay or quit he would use that to verify that he needs financial assistance for housing rent .   

I understand I’ll have to hire a property Manager, I just don’t understand how security funds are handled Incase of emergency and immediate attention in the scenario where I may or may not be able to reach right away .

They usually have call buttons throughout the apartment in case she falls or has other issues, and professional (technically) staff that can help her in an emergency. 

The small window at the base of the ceiling looks out above ground though the entire room is only accessible from the door leading to the hall out the front door, the window is not something that can be used for exiting in emergency, which I believe egress means.

Including $1200 for the emergency shutoff at the main mid winter & $398 for a new upgraded water meter.

Once you mitigate the mold issue (i doubt it is a huge emergency but maybe it is) then get your atty to write you up a month to month agreement and a letter explaining the local laws and send it to her via certified mail. 

Look for a book called emerging markets by David lindahl.

Debt snowball these properties while fund Roth IRA, 403b after appropriate CapEx/emergency funds for the properties.How has this played out so far.Got pre-approved for an absurd amount at the moment, but will not use all of it because that is contingent on double full-time employment.Somehow managed to look at three properties in December, only had four days off, all of which ended up requiring cash buys due to disrepair, estate sales, foreclosure.Currently networking for hard money, private financing, while continuing 65-80% savings rate.Will reduce my days of work, get some ski days in the winter and mountain bike when its warmer.

@Patrick Clark In Gatlinburg/PF, there are so many VRs that the repair businesses are pretty much all available for on-call emergencies.