You mean put money that you would need in the case of an emergency, in a low return/unstable location where you have no control over how well it does, and will cost you when/if you need to access it for that emergency,...which by definition would mean you'd need it "right away"?

It feels like it’ll be forever before we are able to purchase another property as well as have enough saved for renovations and emergencies.

Ideally save as much of the investment fund as possible for potential rehab and reno needs or emergencies.5.

Do CA laws restrict landlords from having a key to enter unit for emergencies.

Current Situation:-Wife and I are currently working w2 Jobs and have a combined income of 160k-Excellent Credit-250k Liquid  (would like to keep 50-75K as a emergency fund)Current RE:-Primary home with 400k @ 3.625%  Value: 650-675K-Open HELOC with 100k Limit -SFH in Las Vegas, NV 90k @ 4.25     Value: 275k  (Joint owned w/ brother)   Rented @ $1375/mo

The security deposit is especially important in that environment if you plan to let people do payment plans when they have an "emergency" if you don't want to lose money.

The issues with newbie investors is realizing that not everything is an emergency. 

My wife and I like to travel out of state and occasionally Country and plan to do more of this in coming years, being a Firefighter also constrains my time and prohibits me from being able to respond to “emergency” repairs/situations at the properties 1/3 of my days.

If your worried about it hide a lockbox on the property for emergency use.

Being in FoCo you also have Loveland and Greeley nearby which are both solid emerging markets.