We found the PM has been burning through our money (almost $2,000 for 2019 plumbing bills, due to hiring people on weekends for simple things), not calling us in a timely manner when we had an unrelated issue cause water damage!

I've not had a late payment or any damages (knock on wood).

Most general rehabbers stayed away from this home because the foundation was so badly damaged.

Would it be worth taking on additional risk, like a renter who caused trouble or damaged clubhouse property?

What if he left the property damaged? 

The document transfers the liability for damage to them.I rent W/D to my tenants. 

@Kenneth McCuistion It is ideal if you can answer calls live but if that is not possible and you are just starting off I would make a really friendly voice mail message saying that you return all calls and ask that they leave their name number and property address and you will get back to them as soon as you possible (and then make sure that you are doing follow ups daily when you are off your day job) maybe time block from 5-7 for those calls/appointments.As for the direct mail you can always outsource it if it is too much to do in house.

I'm not sure how old you are but you must recall college life, particularly off campus living. just a few concerns:  furnished units have to be covered on your insurance which will effect your premium.you gotta be mindful of damages to the furniture in addition to the rest of the place. not everyone will havesticky fingers but be prepared for the occasional theft during transition at the student occupied units. the bedbug epidemic comes into play particular with the more traffic. again, its my coin. feel free to disagree.kudos,Mary

I'm having a hard time trying to come up with a value for turnover and damages.

Each property now is in rough shape to say the least, and many homes on the blocks are also distressed...The ARVs may be off somewhat - I didn't have the agent pull the comps.