Agree it is difficult to assess costs when they vary so much by location.Keep in mind that some turnovers are sickenly expensive, and that is just the nature of the business. 

Agreed with everyone here - You're headed in a good direction here.

I agree with @Shawn Ackerman I would start applying the cash flow to debt pay down.!

Recommend RARELY to agree to that!

The Tenant agrees to maintain an active renters insurance policy for the duration of the lease term and any renewal periods.

I agree with the comments above.Most important is a fully furnished, comfortable property with the basic amenities: coffee, teas, functional kitchen (all utensils, spices, cooking and baking, etc.)

Once it's placed into services as a rental, the property taxes will be a rental expense.I agree with Gregory above and speak with the company he has his mortgage with.

There are several other issues (undisclosed maintenance markup fees, excessive charges to our account, significant reductions to agreed rent without communication, etc).

If I had a good tenant and they continue to be a good tenant, I don't care where they legally get their money from.I agree that most S8 do not meet my criteria even without considering the source of the income.However, we have another policy that also works against S8.  

I agree that diversifying the proceeds is the best strategy.