Give the tenants one number or email for ordinary questions or maintenance requests, then give them separate instructions for reporting emergencies.

Whether you take a HELOC or not, you should always have an emergency fund in the bank equal to 6 to 12 months of your salary.I've seen things go south quickly when people get laid off or get sick, a tenant causes thousands in damages or you have unforeseen capital expenses.  

Not including your furnishing budget or emergency funds you're looking at at least $120k to close in that price range.

Yes, not earning interest on it, but when you have an emergency it's there and readily available (speaking from personal experience this year).

One of the biggest being 10k not being enough of a cushion for down payment + closing costs/fees in a case of emergencies.

Where else can you find a City emerging into greatness where you can still buy SFH for $30k, renovate for $35K and easily collect $1,200-$1,300 a month in rent?

We DO have cash on hand, but mostly consider it to be an emergency fund.

A property manager can also handle emergencies and ensure that your properties are in compliance with all local laws and regulations.2.

New to the whole forum thing and just emerged from the YT rabbit hole that is REI.

You can change your mind and switch back and forth at any point6) Supplement your emergency / down payment fund - By combining the diversity and income options you can create an emergency or down payment fund.