The red x on the building means that the building is not safe for firefighters to enter in case of emergency.

Currently the management company is collecting rents, building an emergency expense fund, paying themselves, paying the loan payment, water/trash, etc., and whatever is left just sitting there!

I can afford better houses and still have low mortgage and maximize cashflow and have additional cash on hand for emergencies.

My other intuition: we are at the top of the market which means I would be the sucker with $40000 grand saved up, bought my property at the top and could've saved $100000 on a similar property if I had waited, could have saved another $60000 in my bank for emergencies.

I'd also call the non-emergency line for police, explain the situation, and see if they should be checking up on whether this was possibly intentional, as they may at least interview the tenant to rule it out.  

If it says they need to let you in for showings, inspections and/or emergencies, then they must. 

Then put in the work and time and you can see a nice portfolio emerge. 

Books that have helped calm my initial anxiety about purchasing an asset that I cannot physically see on a daily basis and have helped me narrow down my top markets have been David Greene's Long-Distance Real Estate Investing & David Lindahl's Emerging Real Estate Markets.

I’ve communicated to the tenant that the grace period is in place as a convenience not as an alternative to the due date of the 1st and yet it’s still an on-going occurrence.I’ve been trying to figure out how I can give incentive to getting the tenant to pay their rent on the due date while allowing the grace period should a real emergency come up followed by a late fee should the extend past that.

(no more than $5K)What are your recommendations on how much cash I should have set aside incase of emergencies, repairs, vacancies?