Once you go with a minimum 6 month lease your turnover costs, potential damage, make ready costs, repainting and repair costs, all go down dramatically.  

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I use a channel manager (OR) and it has damage protection built in.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

An attorney is not needed provided your not making a claim of fraud or misconduct/damages are being sought. 

Can anyone point me to reputable lenders to start with?

Property damage, excessive wear and tear, but paying, that PM has an incentive to look the other way, don't they. 

If rent payments are missed or damages occur, this gives you legal recourse against any or all tenants.Best Practices:Professional property managers, like those managing rentals across North Texas, always screen every adult living in the home.

So the seller cannot go get another loan for a car, house, apartment, etc. so it damages their credit by stretching them too thin.Am I missing something? 

They will cover your damages only.