Assuming I had $200k to invest just for real estate without it being savings for emergency, here's what I'd do:20% down on SFH's with a minimum 20% ROI and minimum 3% appreciation per year growth.

The key is to make sure whatever you decide you get in writing in your operating agreement.Antonio CuccinielloThis, first and foremost. you and your friend need to sit down and have very frank discussions on what each of you make now and have saved now, including all emergency reserves ("Couch cushion money").   

Our predicament is that we don't really know how to do this with our yearly expenses coming out to be around 46k excluding vacations and any emergencies that arise.

But most people don't do this and have no savings, no emergency fund and no way to survive if they lose their job or if COVID shuts down their business.A friend did this, putting $100 in a brokerage account on payday - so she barely noticed that she had it.

Heck, we didn't even have anything aside for emergencies!

The state Senate and Assembly voted today , December 28, to pass the Emergency Eviction and Foreclosure Prevention Act of 2020, which will limit evictions and foreclosures on some properties until May 1.

Some lenders allow retirement accounts that allow emergency withdrawals for this purpose, fyi.

Maybe you could call the local police non-emergency number and ask them to check on the property, and the ad on Craig's list.You probably could not deposit the money with them as their account had too much activity so they were closed for investigation. 

@Sam Boyer what about having a conversation with your maintenance guy and seeing if he would be open to emergency hours and talk to him about an increased emergency rate that’s worth his time during “off hours”?

I don't know where your property is, but in most places you can do an inspection with 24 hours' notice.Now if its an emergency or a necessary repair you could enter as long as you do it correctly.