Can I ask what kind of damage was done that left 5k in repairs??

There are many benefits with section 8 in order for the tenant to be placed in one of my properties they go through a process with the committee then when living in the property they need to abide by lease rules and keep the property in shape, if major damage is made or neglect to the property by the tenant they may losE their voucher from section 8, so it’s a very good idea to go this route and food for thought you always know your property is up to date safety wise and livable with annually inspections. 

YES, you will miss something and have unexpected expenses, OR you will have a bad tenant experience with damages you are not able to recover from them.

I WILL do a lot of damage if you do not remove all those backlinks!

Another property the owner removed all the copper wiring damaging walls and ciling in the process. 

Things to look out for are old windows, old wood siding, peeling paint on exteriors and interiors, and damage to window sills, door frames, and walls.  

This can go towards covering unexpected maintenance costs or damage to the property.

@Jay Levy that's a lot of asks and is too much to type.So, here's copy & paste from our website that may answer some of your questions:-Robust Tenant ScreeningA bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages.

(My total damages are around 10K) and I do not live in Colorado...What would you do if you were in my shoes? 

(My current builders risk policy with NREIG doesn't cover ANY water damage at all, but we have a fire & water restoration business too, so I can handle that).We all know this already, but there's no free lunches in this world.