Ideally, I'll have some living expenses saved, and can try to survive that tough first year as an agent.  

I am being stationed in Hawaii and as a dual military officer couple so money isn't an issue between work, savings and investments to include properties in very profitable markets, I won't have to rely on sales to survive which helps.

I knew at anytime I could be stuck but because I paid cash and had a job and a place I could rent out I knew I could survive a storm. 

If a major housing crash happens, I’ll survive because my cash flow numbers are so high, and I could survive for several years even if none of my properties were rented.

The surviving spouse, once I skip traced his phone number, felt stuck with having to pay the mortgage alone and then falling behind on his bills slightly.

A tenant might have a different outcome but that would depend on the foreclosing entity and any legal documents that may survive the foreclosure.

I am assuming you overpaid for this in the dreaded 2007.. credit to you for riding it till now..your equity being between 25-30% in 13 years is brutal but you survived with the cash flow.. 

Here is a guide on how to work financing to maximize your BRRRR strategy.Here is a guide on how to survive a BRRRR refinance.PM me with Q's!

I survived the 2008 crash and have seen how bad it gets when prices drop 25%. 

First of all congratulations on surviving your first one.