In my neck of the woods, I call that theft.

Wind, Flood, tornado, Hail, or third party damage or theft can still occur.

Risks: you might want to investigate risk factors as safety, theft, infra structure of the land etc.In overall, as first STR investment I would stick to a single family home located in a secure and established neighborhood. 

The lease expires 11/30/21.I own an identical townhome just a few doors down that rents for $950/mo so I knew it was rented way below market.

There are typically 5 common perils that are covered under renters' insurance: Theft, Fire and Smoke, Vandalism, Water Damage, and Liability. 

Partners were pissed, but I was not losing from theft. 

The main reason for doing this is because we will have "scam tenants" that schedule a showing with a fake identity, income, etc then will try and steal the door code from us when at the showing so they can break into the property after the showing.

You’d be better off selling and buying an identical house for tax purposes.

(quick google search got me this info, if helpful:  https://www.homeadvisor.com/cost/heating-and-cooling/install-an-ac-unit/)At that price point, window units are acceptable but you may get a better tenant pool with an AC unit.As for the property management company, I don't think that they are ever legally responsible for theft at a property.

Just make sure to lock down your LLC legal name with the state first and ensure it is identical across all forms.