But I hate taxes enough myself that I'd go kicking and screaming rather than write that big tax check. 

That screams opinion and that brings in fair housing laws and local rules issues. 

Within a month, I am getting calls at all hours of the night with complaints about noise, smoking, screaming, and the like.

Regarding a liability waiver, this is likely to be baked into most leases in one way or another, but it may not be the tenant suing you, it could be a guest, a visitor, a contractor (one HUGE reason to make sure you are only using licensed and insured contractors on your rental properties), or some random stranger - it's not feasible to have them sign waivers. 

Hello everyone, the Phoenix market is hot but not many screaming deals for cash flow, at least I think.

IMHO, this is going to cause a large reduction in the number of visitors, with negative effects on the city's economy. 

Those who have good jobs usually buy homes — I read a stat that 65% of people in Cody own a home.Maybe I'm a bit misled by stats, but I don't see — with the exception of the rare screaming deal — how a rental property could cash flow here, especially considering I wouldn't put more than 20% down on a place.

To me, your original post and responses don't scream that you have a true set plan yet, so keep revising and doing homework.

I would probably file for an eviction based upon the first mentioned (if a "visitor" stays for seven or more days you have the right to run a check on him/her).  

The same website is set up to provide lots of content but requires the visitor to self-select as a way of qualifying and educating them before they get to talk to anyone.