I have an emergency fund built up that i do not want to touch because I am very conservative (my outlaw nickname is like calling a big guy tiny) and like a safety cushion.  

I've always held the mindset that if you can buy a property in a truly emerging area you'll be in good shape.  

It might not hurt to get a market analysis in the as is condition from a realtor that factors in it is an emergency cash sale situation due to bankruptcy/foreclosure possibilities. 

Most states have different eviction requirements for seeking possession or possession with rents/moneys owing, emergency possessions such as with drug offenses and possession by one or more parties.

First, you should probably carve out about $4K of your cash as a near liquid emergency fund.  

I'm not sure about liability for NOT including them, but you could certainly have liability if they are installed and they impede escape from the house in an emergency situation.I can't recall where I heard it, so take it with a grain of salt, but I was once advised that so long as you're providing "reasonable" security - such as locks on the doors, lockable windows, adequate lighting, that you aren't expected to provide more than that. 

@Carrie Pledger    In your state it is clearly legal to access a tenant's premises for non-emergency reasons with 24hrs notice, as provided by the Landlord-Tenant Code of Virginia.

And whatever you have left from your budget keep as an emergency fund.

I have a seller that wants to sell there 167 unit apartment complex its 89% occupied has a 8% cap rate and it is located in a emerging market.

My take would be that even if it is possible to make something work, you really need to have an emergency fund of at least $1000 before you even think about investing.