There are, of course, also things like politics and tax policies preventing the New York side from developing its tourism sector to be on par with Ontario... 

Establish an emergency fund and target stable long-term rentals or short-term rentals in markets you understand.House hacking or private lending can offer alternative entry points depending on your risk tolerance and hands-on involvement.

The guests have a credit card on file and your policy should allow you to charge for damages or excessive cleaning.

What is your risk tolerance?

As Plano is a pretty nice clean cut buttoned up type of community they don't seem to have a lot of tolerance even for just a few bad apples.Dallas is considering a ban. 

But, they have ZERO liability for the performance of that tenant.Second, 97%+ have no idea on how to screen a tenant, other than income = 3x rent and a credit score.

@Apurv Asthana I usually keep high deductibles and low premiums on all my policies since I wouldn't file a claim unless absolutely necessary...usually I can get things repair at good pricing. 

But somebody could use a credit card fund the immediate need and then pay it back with the policy loan fairly quickly.

They have almost zero vacancy.  

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.