Look at it this way: if I have an emergency and call 911, I will love to see a cop show up.

how do you calculate how money money you should have in an emergency fund for the property to cover vacancies/repairs?

Don't touch the 500 the house flows and keep that in an emergency account for that house.

Cool part is, I'm learning a whole lot.He still hasn't paid September's rent, claiming a medical problem with his father, thus he's bed-side with him and is preoccupied.

It could have gone to auction for $100k with no bids, but could emerge on MLS for $125k or something.

You may be required to remove Liability and Medical Payments.

My concern is if I will be in any legal trouble evicting a tenant while he is reasonably unable to respond to my pay-or-quit notice due to his medical condition.

I know we have some here in Jax that offer this service for people who come for medical assistance for months of time.

I'm good at research, but new to this.I found a house I am interested in, it appears to be bank owned in that it's vacant, and has one of the normal signs in the window stating to call this number if there is an emergency and we don't have any info on the seller yada yada.But when I look it up, all I can find is that it changed hands many times seemingly within the same family, to trusts etc for $100 here and $100 there, then $30k in 2004 when it was worth over $100k.

I will choose a state that is NOT an emerging market, Missouri in particular Columbia.