Managing/overseeing a roof collapse is not typical wear and tear or tenant-related maintenance, and it would never be the PMs job to manage such a repair, or even get quotes without a separate agreement.  

http://www.bbc.com/news/world-us-canada-32196177"Nasa scientists have projected that reservoirs could run dry within a year"http://www.zerohedge.com/news/2015-03-16/californi...Is (So) Califoria 'turning back' into the desert, and if so how will this affect our investments in the state/region... economic collapse?

When this happens it FEELS like a collapse as sellers were led to believe that 10-20-50% over asking was guaranteed.

It cost us about $2000 to replace an outside wall that collapsed due to water overflowing the gutters and draining down the wall for months - even years.

I love my 20' collapsible telescoping ladder which is like climbing a go-go gadget ninja bamboo ladder (not real sturdy to work off of but handy to get on roofs, easy to carry). 

Change in regulations Bad evection laws.Government collapse no one to enforce property ownership Property  confiscationRequirement for crazy high insurance.

Am I looking at any liabililty if someone is say " horsing around on the furniture" and it collapses on them??

If I am certain that it isn't my problem (ie collapsed drain line or corroded and scaled cast iron) then I pay for the first unclog on a drain and the tenant pays for subsequent unclogs of that same drain.

People don't get multi-million dollar awards because of no-fault accidents.So, limit your liability by removing problems you could get sued for - make sure the electrical is to code, and there are fire extinguishers, provide outside lighting if it's a bad neighborhood, take care of pest control, make sure the roof won't collapse, that stairs are in good order, that there are no swimming pools kids can get into.I just can't think of any "terrible injury" that could have been caused by you, if you just take care of the property.And, of course, get a reasonable amount of insurance to cover you for any accidents that may happen, that a tenant may file a claim against you for.But, to put things into perspective - I managed 25 units for 8 years as a resident manager.  

A turbulent time during the housing market collapse.