How do you fund property repairs/expenses if you are “investing for equity”?

[Kyle Kline]

On a recent Bigger Pockets Podcast episode (link above) the guest discussed the idea of investing for equity and not cash flow. Unless I missed it throughout the episode, I do not recall them ever discussing how you cover the cost of property repairs and capital expenditures if you are not concerned about the property making extra money each month. I am assuming that these expenses should be factored into your budget prior to calculating your cash flow. However, it seems risky to own a property that you would barely break even on each month in the case of an unexpected emergency. Am I missing something or misunderstanding what they are saying? Any thoughts are greatly appreciated!