Should I be scared? No back up plan!

[Dennis Standers]

We are out there now, and we have no safety net. I have a SFH we are renting out. It's a 3/2.5 on .22. Renting it for $1200.00 mo - paying $850.00 to the bank for mortgage and 7% to a PM. Nothing in the bank for cap ex or sustaining a vacancy. We only have our present renter for a 6mo lease.!? We are renting a small 1 bd apt. downsized our outgo by $700 +/-. Got a new W2 job to increase my income, but a little nervous. We are 1 month into it and all is well so far. See any holes in our plan lol. Any advice, we are just holding our breath and praying nothing breaks. Should I be scared or just relax?