With this tactic I also keep debt on the unit, which limits the amount that someone can even sue for. 

If not, it is likely title has transferred out of your control already, through adverse possession or eminent domain or, your rights are limited by a general right of way. 

I realized that everything is kind of rolled into one and that may limit my options but I feel like a $500 pet fee or something like that is not enough to cover the damage that a pet could cause.

RUBS may be a better bet in that case (if it is allowed in your state)

For example, in Provo the limit is 3 singles, so you could have two in one part and one person in the accessory. 

I can get a good deal, but the number of purchases I can transact is limited by the capital I have.Here's a scenario that's pretty close to what I'm trying to accomplish:1) acquire property with an ARV of $350K for $200K cash.2) rehab, place tenant, season for 6 months3) after 6 months, do a cashout refi based on ARV $350K, and pull out ~$262.5K.

@Subbie Kaur: Thanks for your input and my strategy is to buy low and sell High, with that said I am in the beginning stages of investing and have a limited knowledge of the inner workings of Taxation Corporation structure so on and so on and I'm sure there will be some bumps along the way but to make a long story short my strategy is simple to make money honestly and legally regardless the end of the day make money

There is a limit to how much $ you can Venmo someone at once though so be aware of that.

I was wondering what your experience has been in attracting tenants for 1bdr/1bth units, preferably in Pierce County, but not limited to? 

With an opportunity zone, investors can defer taxes on capital gains until 2026, capital must be placed in an opportunity fund withing 180 days, and there is no limit to this capital.