Would you feel comfortable with this kind of leverage?

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I know the debate on leveraging has been raging for quite a while on this forum and there are several people who are pro leverage (Rich, Will, JScott) as long as it is used responsibly and there are others that talk about playing it safe and owning F&C properties (including primary residence) in the event of things going south. I am a big fan of leverage myself but also want to account for worst case scenarios. So, if you stashed away 6 month reserves for all your rentals into a separate fund, is that good enough to wiggle yourself out of a sticky situation in the future or does it need to be more than 6 months? I am not able to imagine any problem scenarios except vacancies or a major repair. Is there anything else I am missing?

Also, I would think since this separate fund would have a considerable amount of money, it would make sense to keep it working by using maybe 70% of it for private lending and make some return on it. Again, since it is highly unlikely that you would run into problems with all properties at once, I would think, the 30% should cover your immediate expenses and since private lending is short-term anyway, I should have access to all of it reasinably soon. I have other liquid assets that I could use for the reserves but having something sectioned off with a plan in place would just make me feel better about it. Thoughts?