Is this a good move?

[Bryan P.]

Have a primary mortgage 36,000 left at 5.6% and 12.5 years left. Have a rental worth 30,000 that is cash flowing 100 per month. I used a line of credit on my primary for the rental. I now have about 13,000 in equity to use in case of emergencies.

My aquaintance/friend is selling his house for 45,000. He's willing to do seller-financing for 25 years at 6.5% interest and no down payment. The rent I could get would be around 500-525 and would cash flow around 80-100 per month.

Questions:
1.) Is it wise to allot 13,000 to cover the expenses/emergencies for three rental properties? (we're moving out of the primary soon which would make 3 rentals, total.)
2.) Is it wise to do owner-financing for 25 years with an aquaintance/friend?

-BryanP