There will always be some, but because the rentals are a repeat event, it seems like the issues could be refined and eliminated over time, then topped off with the right people when there is an emergency.. 

He had a family emergency.

I hope to do a bit better, but diversification of inflation and interest rate risk combined with bondlike income is sufficient for my risk profile.BTW I also "hope" my stock portfolio will do better than 8%... 1928-2014 S&P returns did; 2005 -2014 didn't. http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html and a random sampling of 30 year expected returns look worse from this point (even including small cap, REIT, emerging)In summary, return is about work, skill and risk.

With my second son, who was due Christmas Eve, we had my wife running laps around the mall, doing jumping jax, and many other things in an emergency effort to secure our tax return only to have him decide to stay in comfort until Jan 2nd. 

She took out a HELOC to be used as emergency funds (savings if you will).  

He is the director of the emergency management system for the county.

I'd keep the other $100K for emergencies. $60k/year is enough for me to retire and this would be a %17 return on my $350K investment.

But I would stipulate that you receive contact info for all new tenants for emergency purposes.

Irvine as a city is mature and developed whereas Johns Creek is now emerging.

I have Lindahl's books: Multi-Family Millions, Emerging Real Estate Markets; as well as Apartment House Riches course.