Now, if you are living paycheck to paycheck and have no emergency fund, then this becomes a harder decision.

Hello all,I need your advice regarding an emergency. 

What I did notice is that every single one of those properties had a paper in the windows with info on who to contact in case of a dangerous condition or emergency.

Some things come to my attention from tenants that need to be replaced on the shorter timeline but are not emergencies so I tell them typically 2 weeks for that type of work.

Timesharing has actually boomed with the emergence of Airbnb & VRBO.

My plan is to set aside the first few months worth of rent into an "emergency and vacancy" fund to account for any unexpected expenses and turnover.

A rent increase with this tenant might be possible, but the unit probably needs work so make plans on when and how long you expect the work will take and factor that in as to when you give that person notice ..so get tenant to full market price asap and then decide if you want or when to rehab,, I would absolutely do NO rehab work other than emergency repairs to that unit with current tenant inside if it were me.. 

After completion of the rehab, I would not have any cash outside of emergency reserves.

Do you have the reserves when emergencies come up, do you have the time?

I am planning to move to an emerging market in the next year.