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

When insurers refuse to pay claims to replace entire roofs, the contractors sue them.While contractors and attorneys maintain they sue only when insurers refuse to pay legitimate claims in a timely manner, insurers contend that they are treated like ATMs by contractors, attorneys and, yes, homeowners willing to look the other way when promised free roofs, bathrooms or kitchens.But that leaves honest homeowners – who would never file an insurance claim except in an emergency – stuck with higher premiums and forced to replace good roofs.The number of lawsuits filed against the top 44 insurers in Florida has continued to spike – totaling 44,325 during the first six months of 2021 compared to about 30,000 during the same periods of each of the three previous years, according to data maintained by the state Department of Financial Services.For Florida consumers, “the outlook is bleak,” said Paul Handerhan, president of the consumer-focused Federal Association for Insurance Reform.

I'd keep cash for needed repairs, renovations, or emergencies that might come up....it'll take too long to pull from equity when you really need it.