In one of my own personal properties we chose not to have a hot tube and we removed almost all exterior light because of the activities we are steering towards!

Tried to go with Fire and Personal Liability (removing Wind and Hail) to reduce cost but haven't found any offerings.I wonder if other landlords/investors have some good strategies to tackle this challenging environment.

Use the "search the site" feature of BP and you will find a wealth of good info on the topic of "smoke odor".We remove carpet and pad. 

If you don't like it I'm sure you can get bids to remove it fairly cheaply, then put up your Hardy plank, or whatever.

We have older ceiling tiles, so when each star was removed it tore off the surface of the tile.

Since then I've begun to use the rent collection portion as well, which removes yet another layer of complexity!

Also, because the boxes are cheap, the door hinge screws tend to continually loosen up - the wood must be real loose grain. 

If the housing market crashed or even corrected, I'll be loosing what I paid as down payment(25%) on both of my rentals.

Being active duty military, if you wanted to remove yourself from the day-to-day operations, a vacation rental management company would probably take 25-30% of your revenue.  

To reiterate my point, we can remove real estate from the equation and use a business instead.