BrianSome are better than others but thanks to the rehabbers kicking *** in the Tampa Bay, there are several new neighborhoods that can be considered as emerging.

But if you do have that set of keys, you could save yourself a locksmith's fees in case if any emergency came up.  

I'm not sure how you manage a property from out of state, you'll need to have someone local that can handle maintenance, emergencies, etc. 

I just finished my Pediatric Emergency Fellowship so more free time to learn a new topic.

This way, our interest rate is a tad bit higher, but the properties will still cash flow well and we had enough money left over to have a good sized emergency fund in place, in case of any big unexpected expenses.

Meaning that in a life and especially in an emergency they may be faced with making decisions between food, medicine, transportation and living expenses.  

Do they respond quickly for emergencies.

Save for 12 months and put every penny into the next one with no emergency fund other than my 401K and equity. 

There are some standards that lenders will go by with reserves, it has to be at least 10% of the budget in most cases and enough to cover an insurance deductible in the event of an emergency. 

I have my personal emergency fund squared away so I'm good there.