I have 24 rentals, I look at my rental equity portion as 100% bonds, and the income it produces like a bond dividend. That said, make sure you are realistic in counting your income.
Do not mistake self-managed property management, maintenance, or vacancy rates as profit. Nor should you mistake any deferred maintenance for profit.
You still need a bunch of short term money for emergencies. At least enough to cover all your business and personal expenses, including any rehabs, if you were vacant. For a minimum of 6+ months.
I have about 3x - 4x more in rental income that I need to live on, assuming I keep self managing and have 5% or less in vacancy and 10% or less in maintenance. So, I just figure that is like a bond fund. The rest I have in equities and some emergency money.
FIRE no later than 7/5/2016
at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!