You need to you know liability risks. 

Additionally, you must notify your insurance company to adjust your policy to cover short-term rentals, ensuring you have appropriate coverage for liability and property damage specific to Airbnb operations.

With all the new regulations and liability, I'm not seeing the same kind of reckless appraising that drove the lead up to the bust.Jay mentioned having cash reserves to weather problems.  

If you do such things you will expose yourself to serious liability. 

All the liability with none of the tenant screening.

Personally I would rather buy a rental property over a personal residence because I want something that can potentially give me cash flow every single month over a liability.

I always got a DP3 policy (ask your broker) with $500K liability on my rentals, topped off by a $2M liability umbrella off my personal residence.

just having a large liability insurance and a personal umbrella policy?

I feel as though these repairs/ improvements are needed, because the condition of the property previously when I was getting the 1000 in rent I feel was unacceptable and a liability.

I currenntly have 5 properties and am needing to cut down on tax liabilities for this year.