I'm sure some people have been doing it for decades with no issues and others have been burned.  

Get's $250M in a cashier's check for a burned down house.

If the property is damaged between when you closed on the house and when they move out, take it out of the security deposit.If you're dealing with property or people where you can't trust them not to steal all the copper and burn the house down on the way out, you're probably dealing with the wrong people or the wrong class of property.

You burn a larger percentage of the rental income on maintenance and capex.

I know with the knowledge and the burning desire we can all accomplish our goals

I believe the insurance company is using good business practice by requiring $300,000 liability insurance for a pet like a cat or dog.Ask an attorney and they will recommend the same renters insurance coverage.Additionally they would advise you to ask for a copy of the insurance coverage.A cat or dog can cause someone to trip and injure themselves, they could jump up on someone and injure them when they fall, the pet can bite someone (causing them to miss work), knock over a lighted candle and burn the place down.As you knew about the pet if the renter does Not have insurance they are going to attempt to make a claim on your insurance or sue you.

AND confirm that all homes (a point many miss is that leases are specific to home site and NOT the home owner) have the same lease or you could get burned badly!  

Do you have experience with project management or know someone who does, or do you just have money burning a hole in your pocket?  

Never burn bridges.

You need to turn off the elements so they don't burn when you drain the water.