Contingency is there for emergencies, if you have to do so (ex: leaks, unexpected events) make sure the "change order" is specific/detailed. 

Somebody correct me if I'm wrong but I thought WI state law says the landlord has to give the tenant at least a 12 hour notice to enter unless it's an emergency or the tenant agrees on a shorter time (like written in a lease perhaps or you call them and they say it's ok to enter sooner).

I have some money saved, but just enough for an emergency fund... not thousands of dollars.

Sooooooo, here is a great formula for you. 1031 exchange + emerging market + true Multifamily business model = Amazing Financial Freedom.  

When I say that’s all that I do, let me tell you what to expect in the life of a landlord and all that they do. 3 am Christmas Eve Tenants call-Furnace went out.I get up, phone calls made, emergency call, expensive triple overtime to the Heating Contractor, Tenant has heat.

Don't over leverage, Don't leave yourself without an emergency fund, and stop trying to time the market.

Particularly if you do a good remodel, nothing major is going to break and your housekeeper can handle any emergencies. 

Soon after through unforeseen circumstances I had to spend most of this money on an emergency and was low on cash.

Please help BP family:My grandmother suffers from Dementia(no power of attorney) and she currently has gotten behind on her water bill and other city services.The bank will not refinance (mortgage not assumable)and he...

ABC's in Real Estate Investing by Ken McElroy Advanced ABC's in Real Estate Investing by Ken McElroyAlso, both of David Lindahls books - Multi family Millions and Emerging Real Estate Markets