Phone calls, maintenance calls, emergency maintenance calls, or even just the random question from the owner or tenant.

Currently living in apartmentWorking full time as a management consultant and also in grad schoolLiving below our means and currently building savings for emergency fundsBlessed with a promotion that will allow us to build savings at a faster rateEstimate to have $30k in savings in 12 months time (depending on how well I control my Chipotle cravings :) )Plan for first property acquisitionfirst property will be primary residenceFind distressed / REO property (4/2/2)use FHA 203k loan to roll in rehab cost and put 5% down (heard doing 5% instead of 3% means no PMI, need to verify that)Plan for investment property acquisitionsAssume rehab yields 25% ARVUse HELOC and savings to purchase first and subsequent investment properties as soon as possible.Overall I'm looking to force equity in a primary residence and use HELOC and savings to start acquiring properties.  

Something always comes and up and you need cash, not credit for emergencies.

It probably wouldn't hurt to use something like Dave Ramsey's baby steps to start saving up some Emergency Funds and Down Payment Money to start out.  

@John Weidner - Bobby had a personal emergency come up when I wasn't able to reach him but he took care of business this week and the place looks great.

Look at the HELOC as an emergency fund.  

@Robert Easter, that's why you will hear investors on here and podcast and books mention to use other peoples money. and @Gregory Hiban brings up the point of holding on to cash for emergencies, i agree with that totally. i was going to buy a fix and flip all cash and do all cash to fix, but decided against that because of the reason of having the money on hand, i have a student rental not rented for next year yet, i want to have that money just in case. i bought the house with money i still had in an equity loan and i am getting a construction loan to fix it. 

I am interested in the BRRR strategy as well since we don't have much cash to invest (don't want to spend our emergency fund).

Crashing commodity prices will cause a lot pain in the emerging countries and I see atleast another 40% drop in emerging markets with India being the first to recover.

They had to call the fire department to the house because his "grandfather" had a medical emergency a couple months ago and passed away.