Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Assuming property taxes + insurance added don't go above $1,100 total, you could maybe make this work. 

Who gets a puppy and then doesn't bring it with them just going into a rental? 

Lancaster city limits short term rentals to only certain zones of the city so definitely look at the city website for that information.

Short term rentals are legal when the host is living in the same apartment as the guests and there are no more than 2 guests staying with the host."

Verifying last 2 years of rental history very important!

As far as the insurance claims, I've had many. 

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McKinney is thriving, but so are other parts of North Texas, and a broader perspective could reveal other great opportunities.Here’s what I’ve observed managing a significant number of rentals in the area:Bedrooms and Layouts:3-bed, 2-bath homes consistently attract the largest pool of tenants and have the highest occupancy rates.4-bedroom homes have grown in demand, especially with the rise of remote work, as tenants look for extra space to use as a home office.Square footage is less critical than number of beds and baths.Supply and Demand:McKinney’s growth is driving demand, but the quality of the location matters greatly.

Quote from @Sara Valentine: I have rented my personal home as a fully furnished/lots of amenities 3 month rental jan, feb, and march the past 3 years.