Fatal mistake to buy that on the forward curve.My recommendation would be to get out of this position; the STR is in an extremely oversaturated market and the underlying asset is a clone of many.

In July of last year a roof leak developed and caused damage to the ceiling in my unit, to the point there was partial ceiling collapse. 

Properly maintains/doesn't damage the property.3.

@Ezra Avery you might want to read below to understand Classes of Property/Tenants.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?

@Joe Gellenbeck 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 Class A property in Class D area, what quality of tenant will you get?

Does the contract include a monetary damages provision?

@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------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?

They usually have a process for filing a claim with the city for damage caused by them, and they may be willing to cover it.

So, if the tenant doesn't pay, skips out after damaging the property, and it stays vacant for two months it's OK because you don't owe anything on it.

This way if there’s physical damage by residents the company pays the first $500 to fix it.