How much money do I need in my bank account to safely rent out my house?

My wife and I want to move into an apartment in the city because we are lonely in the house we live in. However, in order to still earn equity and build our net worth, we want to hold onto the house.

How much money should I have in reserve to make repairs and house payments in case of vacancy or eviction?

Right now we don't have much, but I could refinance the house and pull out around $20K and still keep the mortgage the same.

Right now my house is worth $180K and I owe $96K and my mortgage payment with escrow taxes and pmi etc is $800. It will rent around $1200.

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