I've have read many books, listened to many podcasts, and read many posts on this forum and still do so, but I sat on the sidelines for a number of years just trying to save enough money in my emergency fund before starting to save some down payment money. 

Have the tenant sign off on a move-in checklist to avoid disputes later.If your not using a property management company, you will also want to establish a plan for handling maintenance requests and emergencies.

You really have to have a small emergency fund in place as well.

This will probably mean at least 1k or more out of your pocket every month and if some kind of emergency happens, you will be in a really tough spot.

These regions have maintained a strong rental market thanks to stable demand and controlled new construction.San Jose and San Francisco Emerge as Surprising LeadersIn a surprising twist, San Jose, California, posted one of the most significant jumps in apartment rent growth during July, climbing from 2.8% to 3.4%.

Can anyone suggest new emerging markets.

Get HELOC on primary for debt and/or emergency fund.  

As long as you have reasonable expectations of:- Running a 24 hour business (mostly remote but guest communications and emergency maintenance issues)- Managing cleaners (schedule and quality)- Managing maintenance (urgent and scheduled/preventative)You will be fine.  80% of the work is remote, with the exception being cleaning and maintenance. 

As a new investor I am working to find the right balance of allocation towards Vacancy, Capex, Emergency, etc.

I would save up a small emergency fund of a few months worth of cashflow for smaller capex and to ensure you got your calculations right and there are no unexpected expenses