Hi Kevin,I have a couple of rentals in Fredericksburg and I allow pets (charging a pet deposit and monthly pet rent to cover damages and wear and tear).

One that I don't think has really been covered is that most people are going to buy and/or sell a house, at most, perhaps 3 or 4 times in their lives.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

It appears you are able to hold her responsible to cover damages and lost rent.

Down payment on FHA is 3.5% so you’re not wrong there and safe to assume another 2-4% for closing costs BUT you can negotiate seller assist to cover bulk of the fees if not all.

@Josh WillisHouse hacking involves buying a small multi-family property and renting out units to cover mortgages.

You’ll want to make sure the rental income comfortably covers the new mortgage, taxes, insurance, and any maintenance costs.

Covers all aspects of marketing self storage.  

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Ensure the STR’s projected income comfortably covers new debt, even with conservative occupancy rates, and maintain reserves for market changes or vacancies.