Think beachfront condos that not only cover their costs but actually give you solid cash flow.

Our property has cash flow and according to the many bigger pockets podcasts I’ve listened to you shouldn’t just pocket all cash flow but set aside a percentage to cover reserves, CAPEX, vacancies etc.

Make sure you have adequate reserves to cover unexpected emergencies.3) Time-intensive - If you live on-site you're a live in property manager on call 24/74) Legal issues - know the max occupancy laws for your area.

I have high revenue from my rentals and have diversified other investments that cover my lifestyle.  

Your insurance may also not cover you or your tenants. 

Her retirement income would be used to cover the mortgage.I hope this gives you an idea of my plan.

Does renters insurance cover something like this?  

As I mentioned above, the risk of being sued, found guilty, and fined more than your insurance will cover is almost non-existent. 

Not every state or city mandates that any landlord has to accept Section 8, because the landlord has to not only subject their property to Section 8 inspections, rules and regulations, they also often have to separately arrange for the tenant to pay the non-covered part of the rent and can face difficulty evicting just based on that.

@Paw Nouri Maybe in your area they will cover damages but not in Maryland.