There is also an ordinance in place that prevents termination of tenancy for owner occupancy purposes until 60 days after the state of emergency has lifted, which is expected to be cleared within the year and would just need to work around this as well).Once this is accomplished, you can then decide if its better to let it sit as is and generate its own appreciation and rent increases, or exchange the profit into something larger. 

I include a request for an "emergency contact" that the Tenant authorizes to act on their behalf in case of death, incarceration, or incapacitation.

In the last case for us (end of last year/first of this year) we were able to work with the family (this is one reason why you get emergency contacts before moving in) listed as emergency contacts. 

In court, Spector’s chauffeur claimed he emerged from the back door of the home moments after the shooting with bloody hands and said, “I think I killed somebody.”

If that is the case, you will want to let them know how to contact you in case of emergency as well as how to deposit rent.  

Ask the PM for photos, inspection of the unit immediately before unit was rented to current tenant (so you can assess damage on their exit), a copy of their last lease, contact information for each occupant, emergency information, their application, job information, and how they pay--on line portal, by check, cash, pick up by PM or ?

Then pay off the line of credit as quickly as possible.Be sure to reserve some of the credit for emergencies.

We do want "emergency cash" and to put some away for our 11 and 12 year old's college tuition (not sure where to do that, but that's another topic, unless you have advice on that too).  

If at least 20% you may want to refi to FNMA to free up your VA benefits.You could also consider HELOC to be able to access any equity you have, but would recommend you only use for emergencies.

Some people, in general, need multiple accounts, eg. one for day to day cash, another for a rainy day fund, another for a play fund, another for an emergency fund, another for a savings fund.