I would want to be able to cash flow those expenses or have a pile of cash set aside as a Rental Property Emergency Fund.  

I'm currently reading a book about emerging markets, you're supplemental answers would be great. 

Where a home warranty MIGHT make sense is for someone who is not in a position to budget money from rent for issues or where they cannot allocate sufficient reserves in case of an emergency.

I am a seasoned multi-and-single-family property manager in the Charlotte (and surrounding) area.Vendors: I always ensure to connect with at least three specialists in the same field, for example: carpet cleaners/replacements, roofers, emergency services (water extraction or organic growth remediation) this way when it comes time for their services you can get a bid from each of them.

Saved money outside of a cash emergency fund has to be making money for you. 

Inventory for single family homes continues to be very tight and I see the best opportunities to invest in single family homes in established and emerging areas. 

I used my emergency funds, 401k loan, pulled from my Roth IRA to be able to put the 20% down to get it.

Central and emerging Neighbourhoods: House hacking prospects are frequently found in central and emerging neighbourhoods.

You can save the funds for emergencies or something more pressing.

Keep a strong emergency fund.