You want to stay in the loop, know what's happening at your property, and address any concerns pronto.

I stay in the basement, I went thru ups & downs like everyone else,  What has worked for me lately is renting to senior men (55+). 

So, they just stayed vacant.Income reliability is another major issue.

For example, I have two STR high-income earners (making 140k & 150k) in Joshua Tree for sale with low expenses, where the sellers will stay on to manage it.Making sure you are keeping as much as possible from the tax man is a huge component and to do so you usually have to invest it.

Quote from @Grant Woodward: Do you get pictures from your cleaners after every stay? 

The reason I stayed so long is that every time I was about to take some kind of action, they would suddenly show progress.

Make sure to stay on top of things and don't trust too many people (especially the so-called experts). 

Thoughtful extras, such as welcome baskets or well-stocked kitchens with basic spices, can make a stay memorable.

The payment is fixed and not dependent on the balance owing - the payment always stays the same unless the interest rate adjusts.

The security deposit goes into its own account and stays there, untouched.