The downside is of course that pets can DESTROY your place.

The wife makes over $150K (it's available via public disclosure).I feel like allowing pets is not the same as allowing pets to destroy the carpet.

So if a tenant destroys the property, my insurance will pay me whatever their rent is up to 1 year and or until rehabbed/re-rented.

Not only did she destroy the house,  she had a large dog that wasn't allowed which also caused damage.

I think that the approach to a contract, negotiation, partnership, deal, or even simple forum conversation such as this is what truly sets someone apart and either builds or destroys credibility. 

(If they destroy the landscaping, that's a different story.)  

At Anne's request I have left the specific address out, but just wanted to share with you all my note to Anne as it may help as you look at purchasing locations in California right now.For some general news in CA/northwest...this weekend, there was some quite intense action with the Valley Fire as it grew from 50 acres to 50,000 in a matter of 24 hours... destroying over 400 homes...

This place was abandoned, and destroyed. 

Is it too risky going forward and having the building dept. possibly destroy me financially?  

Depending upon your investment goals, note investing can also be a great way to acquire the physical real estate for well below market value, though this option isn’t for everyone as many people associate owning rental properties with the common headaches of toilets, trash and tenants.You can also run into a variety of headaches from borrowers, to lawyers, to destroyed properties.