So, a prospect could sue based upon this and a judge would have to decide.

But if a tenant doesnt' want to pay me rent and they are essentially stealing rent from me, I have to go through hoops and then even when I get to court and a judge agrees they've been stealing rent, the judge gives them another two weeks to stay there (i.e. steal even more rent).

I won’t opine on whether Ashcroft made a big mistake—their investors will ultimately be judge, jury, and executioner based on the final outcome.  

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.

Again, location is key for this, parents want their kids leaving for college to be safe, what are the best areas of Waco that also have easy access to campus, those are questions to answer to judge profit potential. 

Judging by this thread, the immediate surrounding areas of the metro area are also getting pricey so I'm looking in the surrounding area to cater to commuters.

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.

@Natalie Johnstone My former employer who was a privately traded company that owned over a billion dollars of real estate and had an ancillary management business with revenues that exceeded $100M annually would sometimes form entities in Delaware because business cases are tried in front of a judge w/o a Jury and case law that's applied to decisions is very well developed in the State.

As the Judge said to the defendant representing himself "Sir, you have an idiot for a client". 

And call me jaded but I often can judge which a person will be in a few minutes because 1 defining difference between the 2 is one is singularly focused, and the other has an entire fairy tale.