If we go by the BRRRR method, we're already going to buy and rehab it, then would it not make sense to just flip it at that point and cut out the need to deal with tenants, home damage/repairs, refinancing, etc.?

I say halleluiah to hail damage every 10/15yrs.

In Vancouver 20+ years ago, a bunch of condos were built and they were not built properly and had to have massive repairs done due to water damage on the outside (we called them leaky condos). 

I would want some major security deposit on file - maybe 6 months rent (personally), and / or possibly have them carry an insurance policy with you as the named insured for a descent value for any damages, etc - with the policy specifically written for the type of business they are actually running.

The basics of course, but there is an air fryer, crockpot, 2 level steamer, wok, electric griddle, and the list goes on.

Purchased all cash as a major fire damaged home & knocked almost all of it down and re-built it with new addition and rooftop deck with jet-liner views of the city!

mainly cosmetic: stained floors, repaint, may need to replace carpet with hard wood, resurface cabnets, new shower, repatch water damage. 

I pay for the lawn care, pest control, Surevestor, actually replace the air filters, and that's the only fee an owner ever pays. 

The deposit is to cover damages (and unpaid rent).

You certainly won't say I paid to thin air.