They are rather the best neighborhood/s or zip code(s) within an 'emerging' to not yet overpriced and unsustainable area, and there are consequently "winners, and loosers" in probably every major metro... and terms deals (for more than "one trick ponies" vs. say "wholesalers" as Brian Gibbons is fond of saying... who likely has also done hundreds of deals, and just doesn't brag about it...) so who cares?

Each year I contribute to my retirement account and I keep a year's worth of emergency savings on hand.

Using certain real estate and other strategies with the cash value (take it out and lend it, lend to your self and pay yourself back what you'd pay a lender, buy cars or items you would normally get financing on, have an emergency fund, etc etc), the velocity of the practically 5% a year you'll get if you do absolutely nothing in it will greatly increase its velocity.  

Looking for syndicator experienced in PA to facilitate an emerging deal to convert existing 25-room historic hotel in Chester Co. to 8-12 apts., plus renovate and operate 12 add'l units in two bldgs. adjacent to it.

Stable renter base though with great job market and emerging tech community.

I deal with all those little things.The only time I call for service is when it is an emergency.

As we see signs of health and potential growth in the DFW real estate market, this could be underpinned by strategic adjustments to emerging challenges and opportunities.

But you won't have much of an emergency cushion in case you need to do a make-ready or any kind of repairs.

If I just lived on cash flow from rentals, I'd probably never need to touch my investments unless an emergency came up. 

This article will give you what you need: https://www.biggerpockets.com/member-blogs/10145/83188-finding-emerging-markets