The lease says 24 hour notice, except in emergencies.    

If that's the amount of money you have lying around besides a cash emergency fund, and no high-interest debt, and if you don't own a home already, you might use that and a couple more pieces to fund an FHA house-hack, maybe a duplex that needs some work.

And because summers are hellish, any kind of AC problem is considered (by the tenant) a light-threatening emergency.

No matter what you still need something left in the bank for emergencies.

It's a good option for owners that do not live near by, and already have boots on the ground to assist with emergency maintenance responses and housekeeping/turnovers.  

OK, so I understand A/C maintenance calls are supposed to be emergencies.

From my perspective, I should have access to the alarm code for the same reason I am allowed to enter the property (emergency, future showings etc). 

But it's always good to have emergency funds on hand and hoard cash as the market you're looking at is dropping in price.

Decision made, Peoria it is.We secured a home equity line of credit on our primary residence of $17,500 just for the sake of emergencies.

Kind if like the $20 Tylenol dose at your local emergency room