People can sue for anything now a days (and typically will) but at least forming an LLC can buffer unnecessary personal losses.  

Renters don't usually have much of a financial buffer, so they may not have the reserves to pay prior to being paid.What might be convenient for them is the ability to pay by automatic payment of some type or PayPal or some other service like that, rather than a check - in case that might be an issue.I always found that if I just sat down and talked to tenants like they were smart people who were capable of working something out with me, with an attitude of respect, it almost always worked out.So you could sit down with them and tell them that your mortgage payment is due on the 5th (or whatever), and you could possibly lose the property if you weren't paid by then, because your finances are really tight. 

That gives you a buffer. 

We are a mom and pop 10 SFH operation, and we value a good rapport with our tenants/clients, simply because there's no buffer between them and us.  

Since you have the deposit money, though, at least you have some buffer.  

You'll have a value buffer and no PMI.  

A realtor noted that in California, the inhabitants have one month of "buffer" for each year they've lived on the premises.

The DC area to some extent will be buffered by the Federal government and some areas I imagine tech-heavy areas where many people can work remotely may fare better than other areas.

This creates a buffer between the tenant and the owner, allowing you to take time to mull over complaints and requests and decide the best course of action.

@Phillip Rosin Sink - if stainless steel, use a buffer and polishing compound.