Resist the temptation to use it for anything but the emergency it is saved for. 

The last few needs/emergencies we encountered, we actually decided to pay in cash out of pocket versus even approaching the insurance company because the care was so affordable and because our rates back home I'm sure would only increase. 

Since they are already in place, what I really want is emergency contact info in case they disappear (abandonment), SSN to be able to turn them into collections if needed, employer and job title to have an idea where the money comes from, and anything to verify they are not out of compliance with your criminal standards. 

Are there management options out there to handle emergency communication? 

Where will emergency money come from if there is a big problem? 

Have the PM monitor when the water meter is spinning and do an emergency apartment check when it is spinning. 

(or whomever you have looking after this).Then you call, text, knock on the door, email (or all of them) and introduce yourself and tell them where to pay rent and how to reach you for work orders/emergencies etc.Nothing complicated, just friendly and to the point with your details.   

The first thing you need to do with the tenants is to let them know you are the new owner/manager so they know how to pay you rent and who to contact for emergencies. 

I have some extra cash laying around but having more than just emergency funds laying around seems to be a foolish thing right now.

Replacement costs for an AC unit during the hot summer months often reflect an increase in total cost due to what might be considered an "emergency" situation.Sometimes fall and spring costs for replacements are quite different than during very hot or cold weather.Gail