If you do not enforce a contract when a violation occurs there is a valid argument to show all future violations are unenforceable.

You don't want a situation to occur where daughter gives notice and moves, but now dad has possession (with whom you have no legal contract) and is not paying rent. 

I would never recommend insuring a property for only it's market value if you are a newer investor and/or... finance the purchase of the property, could not afford to come out of pocket to pay to completely rebuild a useable property should a large loss occur.Yes the chances of a major loss occurring are low - but if it does happen... you could be wiped out.Example: You buy a house for $50,000 with an estimated reconstruction cost of $150,000.

This way you have immediately created separation and should something terrible occur and you be found liable / negligent, your primary residence and bank account are more so protected.If you purchase the property in your name, it’s a personal asset.

In the Air Force the each unit appoints a First Sergeant that is responsible for disciplinary issues that occur outside of normal duty hours.

What pitfalls or blocks can you see occuring?

If I got in a car accident due to running a light by accident, would I be responsible for the damage that occurred?

Fortunately the carpet is new, so barring any disaster, I should be covered by tenant's deposit for any damages that occur in the future.  

This gives you an idea of how much building is occurring and where it is occurring.

I plan and plan and plan and when a vacancy occurs, I have people in there (or I am in there) as the tenants are moving out and we get it turned over.