Owning, managing, arbitrage, or anything else is very risky if you don't have a cash reserve and/or an income to use in case of an emergency. 

You’d be able to find a nice multi-family house you could get into with 3-3.5% down and have a bit left over for emergencies as well as improvements to the property to increase its value in the first year of owning it.Again, this is completely my opinion.

If the price for the new fence was high, they should require your approval before fixing it (unless it is an emergency and a fence wouldn't qualify as one). 

If you aren't sure how to screen, I would guess you don't have connections in that market if an emergency were to arise either.

Once more piece of advice, make sure you have a healthy emergency fund.

Saving up my paychecks to reach the down payment percentage for FHA loan on top of reserves and on top of personal emergency funds.

I have ~$50K for down payment and adequate emergency savings.

@Rashad Ellis you cannot evict any tenants in NJ currently unless is an emergent eviction meaning the tenant is in violation of their lease, imposing a safety concern to other tenants, etc.

What's their procedure if a tenant reports their HVAC breaking during an emergent time such as temperatures below 30 degrees and above 95 degrees?

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