They have significant reserves/emergency funds they keep against sudden changes in their employment/financial positions.3.

By each visit/reservations/emergency calls?

Because you don't treat it as emergency, anything HVaC related need to be resolved in 24 hours (my way).

ThanksI had a brand new unit installed on emergency over a long weekend on a 2,353 sq ft house in Sun City (next to Phoenix) and it was $4550 total including needing a crain to get it onto the roof. 

Other risk(s): buying at a distance makes you pay more for repairs and management and emergencies and travel.Buying other asset types- stocks for example you have zero control; artwork or jewelry are subjective and can be damaged or stolen; buying a business you need deep knowledge and labor... 

This gap would be wide enough for an emergency exit so that fire and rescue support can climb through a window with supplies.Without those two conditions the room becomes an extra room, but not a bedroom.

I have an emergency fund to account for at least 6 months of not getting rent, in my eyes that's just the cost of doing business in NY.

Yes, my intent is to have lease amended stating that in case of emergency they are responsible for all damages caused by fish tank.

Also, keeping more cash liquid allows you to maintain flexibility for emergencies, other investments and a larger rainy day fund.

It’s kind of like my emergency fund money except there’s never an emergency over $100.