Of course I need to have an emergency fund as well.

When requests are made, have the tenant (and this is part of the lease as well noting exception of emergencies like a broken pipe) email you with the photo of the item and an explanation as to what happened to cause it to break/stop working. 

Heat pumps run on emergency heat a lot, and that will create an electric bill that will scare most renters out of your unit.Gary

The money left can be saved(for repairs or emergency fund) or used on another deal

The reason we are waiting until the year 2021 is because we have 2 debts we want to pay off which will be paid in full within the next 4 to 5 months then save up a 20% down payment and some extra cash for emergencies.

No point in fixing them later on when they blow up into emergencies..Which opportunity works for you depends on your goals and strategy.

Public typically renovate for comfort, enjoyability, convenience, or emergency. 

If yes, then it's important to review if they provided emergency contact information, an address, and a point of contact.

Would that leave your household with less than six months of an emergency fund?

Otherwise if they ever run into a small emergency they will suddenly have no money to cover all of the rent.