I understand the concern for flooding in certain areas, but I know that many municipalities are concerned as well and have plans to mitigate or prevent issues with this.

Furthermore, the child must have provided a level of care during this timeframe that prevented the aging parent from requiring nursing home care.

I know you mentioned you don’t like your 9-5 but I’d be cautious about quitting since this will prevent you from getting loans under your name.

Some folks will purchase LLC's instead of the property to prevent a sale flag with the county auditor, but that takes a special case. 

My credit is amazing, but the banks have this lovely balloon strategy preventing us from hedging against inflation. 

Also if it is within distance for you to do so there is nothing preventing you to drive the neighbor and take a look at the property current state and take external pictures for yourself without disturbing the tenants unless you are and out of state buyer to the property.

It is a single family 3/2 built in 2020 that will be cash flowing roughly $500 a month after all expenses.I would like to invest this money into an emergency fund just for this property and grow that fund to $10,000 before I start putting this $500/month into a different account.I want to prevent this emergency fund from being eaten up by inflation, while also protecting it from taxation in the event I have to withdraw for a big cost (ex new roof, air conditioner, etc)Could anyone recommend a good place to park this money?

I mean, this post in networking in a way but going local will prevent some yahoo in Texas commenting on who to use. 

I see that a lot of the condo laws prevent STR's. 

Nothing at all that I'm aware of that would prevent you from doing this.