Airbnb offers $3M damage protection insurance (AirCover) if guests don't pay for the damages they cause, and $1M liability insurance if a guest gets hurt or their belongings are stolen.That being said, I too do not allow instant booking or most last-minute long-term bookings out of nowhere.

So I saved you 5k and read my post above on why short-term rentals are a far better investment without the headaches of going to court to recoup damages or fight claims of being a slumlord (which by all accounts he is) 

It's the same idea.FYI I've seen subto contracts which provide for ~$50,000 in liquidated damages against a seller that reports the sale to the lender and that results in the loan being called.

@Adam OrtizRecommend 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?

He doesn't have to worry about a rough needing replaced or a tenant causing $20k in damages after one year living in property.  

I have it written in my leases that tenants are responsible for clogs as well as damage from clogs.

There are also a lot of attorneys in FL working pro bono to go after lenders as I believe there is something in the statute that not only can they recoup fees but they can also get consequential damages.

--------------------------------------------------------------------------------------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?

Florida scares me with insurance issues and constant threat of hurricane damage.

They also chose to use roku tvs without a physical on button. just terrible, terrible build quality. bought 4 and 2 are already damaged after a year.