I have heard of people staying long term then cancelling their booking consequently resulting in a blocked calendar and no pay. 

Additionally, there could be tax consequences for you, possibly losing your long term capital gains tax treatment. 

Also many fail to look at tax consequences of debt funds - they are taxed differently and I know funds where 10% gross will be a far better return than 12% gross because of how they are treated.- Uses no or very, very little fund leverage (LOC for less than 20% of fund equity) This is very important component to realize and understand - where are you in the debt stack- Lends in one specific location/region that fund managers have deep operational experience in and which has speedy foreclosure laws.

The rental agreement should cover cost items that the tenant is responsible for paying - consequently any cost left over is covered by the owner.

It should be hard and rare, because there is consequences to a life of limited financial performance just as there rightly should be benefits and rewards to the decisions that build a life of financial plenty. 

I'd rather do it myself but worry the consequences of messing up as I'm still new.

This operator will likely implode one day and should suffer every consequence coming their way.  

But it is not "no money" needed, should never be overleveraged and has serious consequences for those that are undercapitalized.

Politicians have been making idiotic housing policy - starting with rent control - for over a century.The idiots still don't understand that when you screw with a free market you get lots of unintended consequences - and many times you end up with the opposite effect of what you are trying to achieve - NYC is one shining example of this...Sigh

I just registered, but want to make sure I understand the consequences of my strategy fully if I am selected.