The property was kinda rough and 3 of the 4 units were rented when I purchased it, so I felt good only having one vacant, but then I had some unexpected things happen to the vacant unit with a leak which prevented me from renting it out right away, then the little old lady in the one unit got sick and went to a nursing home- she lived there about 9 yrs and we had to then spend money on new carpet and new paint in her unit to get it rent ready. 

It was unexpected because this unit was just reno'd and doesn't have a washing machine. 

A serious illness or accident could wipe you out.

I think one unexpected benefit of maintaining debt on a property is that the bank is involved as a 'partner' on the endeavor.

See these stats (from 2019 pre-COVID, mind you): According to one recent survey conducted by ING, as many as 56 percent of Americans find themselves running out of money at the end of their pay period either occasionally or most of the time.Other research shows us that up to 78 percent of Americans are living paycheck to paycheck, and that the majority of Americans would be unable to cover an unexpected $1,000 emergency expense if it were to crop up.Only 41 percent of American households follow a budget, according to U.S.

Also, have extra cash saved for unexpected expenses. 

That TX law would be so restrictive with what one can do with their own equity seems antithetical to the personal freedom motif so frequently expressed here.I did run across this company Hurst which seems to be exploiting this TX niche, but with terms that seem so restrictive as to make it almost pointless if you're pursuing an unexpected opportunity for which time is of the essence:https://investmentpropertyheloc.com/investment-property-heloc/Excerpt:"Our program is similar to commercial bank lines of credit that are set up on an annual basis, have adjustable interest rates, and have annual costs.

Reason why, his insurance would be affected if i get into an accident.

If you don't win the bid (or if the house is pulled from the auction), you're out some money, but it's better than buying a house with unexpected liens...

Everything from unexpected maintenance issues to concerns over things like earthquakes, insurance, and encountering litigious tenants in the future.