We were also able to recover $1,550 in liquidated damages from that resident which meant that you were not out of pocket at all for that property turn.

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

You may be profitable, but I'd prefer to avoid the possibility of having to do unnecessary repairs or not holding my tenants accountable for damage when I know their actions might have caused any unforeseen damage. 

And even if the tenants chooses to stay in your property for 2yrs, the damage they may cause will eat away all of your cash flow and leave you potentially upside down.

If, any bad tenant could be evicted in a few days and held responsible for the damage they caused.

What happens if a tenant causes significant damage?

That led to uncovering significant water damage throughout the first-floor unit's bathroom, forcing an immediate renovation.

The crash caused significant structural damage, and the driver fled the scene, later reporting the vehicle stolen.

@Jeff SkinnerRecommend 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.