It's important to have an emergency fund of 6 months.

When economy is good those types tend to expand but when economy stalls or goes down those small business owners are looking to save costs anyway they can.That is why I like retail, medical office, industrial as these spaces serve a specific need and are more hard to vacate and move from due to build outs.

It’s more of an emergency for something very unexpected; extra reserves for when i purchase my first rental and in a tight situation.

And what if some emergency happens and one partner needs their money out but you don't have the cash to pay them.There is a reason most partnerships don't hold up. 

My town in New Jersey is going through a large 46 acre redevelopment, for which they are tearing down vacant strip malls and redeveloping with 800 apartment units, retail shopping, mass transit to NYC (busses), technology center and medical building.

Do you not have an emergency contact?

@Dorothy Monette we have military, cyber command, NSA, industry, medical, university, manufacturing, etc.  

If it's just one house and you want to save the money maybe you can just self-manage it and get an agreement with a contractor (or handyman) to handle every repair or emergency.

And what happens if things go bad and you still need their full information, emergency contact, employer, etc in order to track & get hold of them and recover money? 

We had no real savings or anyway of dealing with emergencies outside of credit.