Anything above a 6-12 month emergency fund I would be putting into (potentially) higher returning assets like real estate or index funds.

I have the cash to pay off the house right now, and still would have about $40k left as an emergency fund.Should I pay off the house, invest 50% and only pay off $140k of it, or invest all of it?

If I were you, I would be a little concerned about the quality of work on the HVAC because it could be a big emergency bill later down the road once you take ownership and something breaks, knowing that they didn't do a great job with the aesthetic work. 

You might also consider starting on this adventure with an emergency fund in place that you build up monthly since things can go bad quickly.  

There are a lot of little things to think about and when something happens it's an emergency, almost every time.Think of it like this.

Very thankful I have family who live in Green Bay and can help me if there are any emergencies. 

There is an emerging c class with high quality mid century construction in many midwest cities.

I recommend a short letter that introduces you as the new owner, instructs them on how to pay rent, gives your contact information (recommend email for non-emergencies and cell number only for emergencies), and then tell them you want to inspect within one week.

Plus your designer can tell you what color trends are emerging.

Calling the authorities is not to be used as a scare tactic, its only for emergencies or to prevent altercations (have a mediator).