I used my entire emergency fund to pay for the down payment and rehab of the property.

All sorts of problems can emerge in the first few years.

There are plenty of calls you get at 2am that don't need to be addressed until the next day as they aren't emergencies, just curious as to whether your thought indicated that its not necessary to handle anything after hours and are placing it all in the residents hands.

Especially if you're willing to take on renovation projects in some of the emerging neighborhoods close to downtown.Regarding COVID, to my knowledge, it hasn't really affected the central Ohio rental market as drastically as maybe some thought.

I owned the rental free and clear, I then took out a HELOC on it, which I use as an emergency fund for all of my properties so I don’t have to keep huge piles of non- performing cash around.

Don't get started investing in anything until you have a strong financial foundation in place (emergency fund, automated savings, money tracking, good credit, etc.).

This will help the low-income build a cashpile that they can use in cases of emergency and investing.

I've also been looking at I-series bonds for the "emergency" fund for $ for personal income emergency.

Any input as to where are good emerging markets to invest or to start?

The norm is you are still required to give them proper notice of any changes so if they pay rent on the 1st you would need to give them notice by the 3oth of Nov,, that you will be changing to a written lease as of Jan 1st and this is the terms of the new lease, rate, utility,, what ever,,..I would suggest you do this if you close before Dec 15th,, give them written notice (15 days extra, prior to end of month of Dec... that as of Feb 1st the change will take effect.This gives them about 2 weeks to ponder if they are going to accept or if they are going to give there 30 days notice to vacate to you by Dec 31, that they will leave Jan 31st.Get a lease renewal form made out,, Check forms here on BPAlso do a walk thru within a week of ownership, have them fill out a contact info form for you, Give them your info how to pay, emergency numbers,, and realize their sec deposit,, (they say is none,, no lease right) isn't going to cover any on going damages.. so I'd tell them your going to require a sec deposit with new lease,, Condition of Apartment from date you close is now the NEW conditions check sheet you should fill out to hold them responsible from that date going on.