Real estate always appreciates over time, and there may come a time in life when you are glad you held on to this property... whether you need to cash-out refinance for your kid's college, sell it for retirement, pay for emergency medical treatment, or simply use it to leverage funds to buy more.

Prevents tenants from accidently locking themselves out (need key to lock the deadbolt) and then creating emergency maintenance requests at all hours.A keyed handset prvides little extra security against someone kicking in or prying open a door.

I usually hand them a short letter that states I am the new Landlord, their lease remains in effect until the expiration date, how they can pay rent, how they should contact me for regular issues and for emergencies, and then I set an appointment to inspect within one week.I like to inspect and answer questions within the first week.

We told our contractor that our budget was 55k, but our real budget is 65k for emergencies and situations like this.

How to contact me for true emergencies (if different)5.

Aside from what everyone else has said evaluate your job security and emergency reserves to decide this.

Do I need to issue an addendum to the lease and change all the emergency contact info for repair, how to pay rent, etc.

One downside is liquidation or access to capital if you need it in an emergency. 

While your savings will save you during emergencies, investments will generate better financial opportunities.

Let them know you appreciate them reaching out for help, which is better than not being able to pay.In the past six months, I've had about 40 tenants apply for rental assistance through the COVID Emergency Rental Assistance Program.