I also have $150K in stock for emergencies but am trying to not to liquify in the down market. 

But that leaves me with no money for emergency, plus we all know that rehab always takes more, and you always have to have safety net for rent emergencies. 

Especially if these old windows don't actually work since usually windows are part of emergency escape routes.I'm assuming you plan on holding onto the property for a while?

Borrowing can keep cash on hand for any emergencies or unforeseen rehab costs.

Plus i do have local people i trust that can address any emergency things that may come up...I would start by researching the market you consider investing in...specifically identifying a city or town with a future and not a past. 

Your mortgage will increase, and you will be paying interest on the money you pull out, so only pull the money out if you need it for an emergency, or an investment.

MetLife Investment Management reports that institutions controlled 5% of the 14 million single-family rentals in the US in 2022, and could own more than 40% by 2030.While some may see institutional investors buying pre-developed build-to-rent housing or building their own as providing much-needed legitimacy to an emerging market, small and midsize property managers are concerned by their predicted takeover.

As the repair work does not qualify as an emergency under California rental law, we will defer the repairs until after I have accomplished the aforementioned.

There's a good number of lower-income homeowners that would just have ended up with a pile of junk in their house because something like 40% of Americans can't come up with $1000 in an emergency.4.

I also followed up our conversation with an email that I needed to be contacted of emergencies immediately as the tenant had initially admitted to waiting to see what happened.