In my head, someone else would be paying the majority of my mortgage while I'm paying super cheap rent and could cover rent/mortgage in case of an emergency. 

Petition the judge on emergency for a "stay" on the property pending assignment of a guardian.

Today, I get a casual email stating the tenant called the emergency line over the weekend to report the water heater had burst and water was leaking through the ceiling.

I do like the fact that you only pay on what you draw and it would be nice to have it sitting there in case of emergency.

Fall & Spring HVAC Service Target Date: April and October This service can aid in early detection of costly problems and save the cost of expensive, emergency service.A/C Service Includes: Check condenser coil, adjust operating pressures, monitor safety controls and starter capabilities, clean or replace filter, adjust blower components, calibrate thermostat, measure for proper temperature differences, clean condensate drain, tighten electrical connections, measure voltage and amperage on motors, lubricate moving parts.

Do you have enough emergency reserve to stay put without having to fire sale your asset and risking an even worst?

If you are planning on not having other partner PMs, at least have a network of other PMs that can take over during unexpected emergencies or vacations.   

I can't speak for Jersey, but I have one in PA I use for emergency expenses on a property I own free and clear.

So hopefully with those two feelings combined, I will invest wisely AND account for emergencies/vacancies so I don't lose my investment!

@Hae-Yuan Chang here is a BP Blog post that explains CAPEX reserves. https://www.biggerpockets.com/renewsblog/2015/10/13/real-estate-capex-estimate-capital-expenditures/You should also budget a minimum of $500 per year for routine or emergency maintenance.