@Jay Fayz for SFR (1-4 family) Classifications are mostly opinion-based.Not aware of anyone tracking eviction rates, except Evictions Lab nonprofit that doesn't like landlords.Here's some info that might helpt:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You’re committing to a large lump-sum payment at the end of the term without any leverage to negotiate extensions.

I have pulled a permit for removing a fireplace, but probably would not have but I had a significant remodel going with permits and did not want hassle of him making an issue of removing the fireplace (the inspection for fireplace removal consisted of only verifying gas cap was in visible location, he did not even spray it).

and are you located in Dallas?

I work extensively funding deals for flippers in KC  Toledo  Cleveland Baltimore city and a few other markets in mid west..

Direct participation, active investing, extensive time commitment, etc. are NOT the only way to successfully invest.  

The time to get a large ground suppression there is extensive (it is ~45 minutes from a decent size town). 

I know that the general guidance is that emergency funds aren't to be invested, but given our financial security and the fact that we already have a personal e-fund in a safe, non-volatile location, would it still be crazy/unwise to invest this 15k in an S&P500 index fund in a brokerage? 

There is extensive damage to the house and I am working with my insurance company and have talked to couple of fire restoration companies.

There’s a “Cub foods” grocery chain in MN that’s closing stores left and right after 40-50 years in locations.