we have an tenant who is 36 she works two jobs and had medical expenses for an emergency room visit.

Make sure you account for unforeseen costs and emergencies in your budget.Property valuation: Examine recent comparable sales (comps) in the neighborhood to ascertain the duplex's fair market worth.

A few months later, tenant calls S8 for an emergency inspection and the newbie investor gets a long & expensive list of needed repairs to avoid rent abatement.

I do not have warranty policy's on my small portfolio of rentals because I replace anything that is 10 years old or older and use Lachel to take care of emergency calls.   

I would want to be able to cash flow those expenses or have a pile of cash set aside as a Rental Property Emergency Fund.  

I'm currently reading a book about emerging markets, you're supplemental answers would be great. 

Where a home warranty MIGHT make sense is for someone who is not in a position to budget money from rent for issues or where they cannot allocate sufficient reserves in case of an emergency.

I am a seasoned multi-and-single-family property manager in the Charlotte (and surrounding) area.Vendors: I always ensure to connect with at least three specialists in the same field, for example: carpet cleaners/replacements, roofers, emergency services (water extraction or organic growth remediation) this way when it comes time for their services you can get a bid from each of them.

Saved money outside of a cash emergency fund has to be making money for you. 

Inventory for single family homes continues to be very tight and I see the best opportunities to invest in single family homes in established and emerging areas.