So if you discount a small amount to get rolling, that is something that can work, but don't want to stay low for long.You will start to get the dregs staying at your place and they can do some real damage to the place.

I would love to maximize cash flow but also do not want to be left on an island if there is damage. 

Nights, weekends, holidays, etc.To keep this on-topic, though...DO figure out what's healthy for you to manage but remember it's a process where every experience teaches you good and bad (and be patient with that process).DON'T sweat the small stuff (damage/costs under $50, undisclosed dogs, etc.) but DO find a way to learn, prevent, put in better practices to maintain your sanity. 

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Let your criteria do the filtering for you.Regarding retention and renewals, the only time I have asked people to leave is when they have had rent payment issues and/or damaged the property. 

The risk of property damage or a lawsuit from a dog bite is too high. 

I assume you are mostly looking for leaks and water damage?

On top of that, the rent-to-price ratios in Detroit often outperform other markets, which can mean solid cash flow alongside appreciation potential as the city continues to grow.The key with Detroit is understanding the nuances of the market—it has a large footprint, and neighborhoods can vary drastically, even block by block.

At yet another sale there was a brick row house/town house for sale that looked good from the street, but since it was in the middle of the row, to see the back of the house, you had to walk around the block and see the house from the alley, where the entire 3 story brick back wall of the house was laying in the back yard, and there was no back wall standing. 

It occurred to me today that I've never asked about umbrella insurance claims.I’m particularly interested in real-world examples where this type of policy came through during:Property damage (fires, storms, floods, etc.)Liability claims involving tenants or third partiesMajor unforeseen eventsIf you’ve ever had to file a claim and your umbrella policy saved your bacon, I’d love to hear:What happened?