Wind, Flood, tornado, Hail, or third party damage or theft can still occur.

It is sad how many new investors get taken for a ride and lose that fee on top of their earnest money.

Except for some of the kids that ride bikes there to party at night and are able to climb in through an unsecured window... 

Just ride out the current lease and then non renew.   

Honestly if it’s coastal Texas or Florida you may be damn near self insuring with the crazy wind/hail percent deductibles that have become the norm.

You can do just fine getting 0.6 or 0.7% rent to purchase price in Las Vegas because…No state income tax, very low property tax, low insurance rates, stucco siding and tile roofs than last 50+ years, no maintenance landscaping, no tornadoes, hail or snowstorms, properties are considered old here at 20-30 years, not 100 like some areas. 

I am interested in become a real estate investor, primarily as a hold and rent.  I am currently in a course for this and looking into resources, came across "BiggerPockets".  

No one get's a million bucks and rides off into the sunset anymore :). $55k is definitely enough out there in TX to lock down a property that will pay you every month to own it.

Not because I think the market will go up, down, or sideways, but because I buy property that makes sense today, will benefit from appreciation should it continue, and in a conservative manner such that I position myself to ride out and even ramp up buying should the market decline. 

If you can ride a few years of storms then the longer term gains will always outweigh the low returns.