Use the search feature (magnifying glass, upper right) and search for "tenant occupied property" or "tenant occupied rental" to find a ton of discussions.You need to know what you are doing.

Does maintenance factor in replacement costs of the HVAC, Roof, Glass windows, structural piping, Parking lot repaving, sprinkler systems, etc. 

That is a tall order, people should expect in some towns your kids can't buy in and its not because of STR it is because the property has a higher value.Now in AZ you have a snowbird issue that complicates your STR market.So this like many real estate issues is local. 

Peeling paint, inside or outside, handrails on stairs over 2 steps, broken glass, working electric and plumbing and operational heat source. 

For example, we have an "A" tenant - she's a multi-year tenant, was late once (by 1 day) and keeps her home clean - my one complaint: she let's her grass get too tall.

@V Reddy First, setting up an LLC to invest in real estate is generally to limit personal liability and for asset protection (select "magnifying glass icon" in top-right corner and search "LLC", you'll get a lot of feedback).

We end up stocking about 50/50 because my wife will drink my bourbon (she doesn't want her own glass, she just wants some of mine even if I'm not having some).

I'm in Tacoma as well, near the glass museum. 

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

It is a large plate glass window with a 1/2 round above.