My first PM was one broker with an assistant, who was actually really great for over a year, but one family emergency and I couldn't get my funds for 3 properties for over 2 months -- what a nightmare.

I even negotiated a HELOC type 2nd to draw from if any emergency funds needed in the future at same rate on a 12 month renewable basis.

Chad, We decided to take a portion of our cash and pay off our first property over 2 years ago, and, quite frankly, all we have done since then is think about a cash-out refi as we have cash on hand for emergency fund but not enough for a big enough down payment for the 25% down required for our next property as we're looking at a more expensive purchase in a specific area next time.

I'm currently applying to medical schools so my time, money, and ability to take out loans is very limited, whereas my partner's are not limited to the same extent.

I replace every water-valve in the house (including the main shut-off) as soon as I close - under-sink valves, toilet water supply, laundry, water heater shut-off, etc - paying a plumber/handyman for a half-day of non emergency labor is much cheaper than an emergency call later.

The siding needed "emergency" repair as it was raining buckets from our side of the wall.

This sort of thing is one of the reasons to get the tenants' emergency contacts when they apply (or when they sign the lease).

Keep that spending diary.Dave Ramsey also says you should start with a "baby emergency fund".

In case of an Emergency.

I did an emergency entry Friday night and had several people clear out quick due to possible gas leak, really unrelated to her, just a good excuse.