Also, no heat is an emergency.

The PM does have a responsibility to take action in an emergent situation.

I've been in property management for over 25 years and unless you are okay being burdened with the responsibility of chasing rent, collecting rent, filing in court for rent, assessing & scheduling repairs, vetting contractors, handling emergency calls 24/7, etc., you need a professional to handle these things for you. 

Also, a tenant must document non emergency maintenance issues in writing and the landlord has 30 days to cure.

If you don't have that cash (plus any cash for expected repairs, plus any cash for a $10,000 to $15,000 starting emergency reserve), you may find this business very painful from time to time. 

If you didn’t, then it’s non permitted use and you may run into issues not just with mail, but also think about emergencies and if there’s no address then it will be more difficult to locate anyone in the property.

With this rental income, our income, and two side gigs I have (tutoring and playing music) we are easily able to save 3k / month and we don't know where we should invest it.Two months ago we built up our emergency fund, then dipped into it for a dental emergency (thank god we had it), and now it's back to where it needs to be.

Mainly markets that are emerging primed and ready for reposition mainly targeting affordable housing which will ALWAYS be a need in this country.

If the lender is asking that you have 6 months reserves they do not want the cash out refinance to part of that because you should be able to show the lender that you have enough money in the bank should an emergency arise to cover 6 months of mortgage payments.

I like to use the HELOC primarily for repairs and emergency funds.