Much of their food would spoil and they'd be hungry, and most people don't have a proper stock of food and what do you think people will do when they're really, really hungry?

(Food for thought)10% for Cap Ex & 5% for maintenance sounds fair and consistent with many BP suggestions.If it is value add and you do renovations, then hopefully your place will be "like new" and won't have many of those repairs/maintenance/cap ex issues early on. 

Love living here as well, big city but has a lot of small town touches, Theme Parkes, historic attractions, military bases, great food, and friendly residents.

Not only that, but in my case, where I am a builder-owner until my license is approved, its ridiculous dealing with 'hiring' anyone to 'help' in this state so I've resolved with my trustworthy neighbor to paint it together and all i owe him is some beer and food.

Get rid of them ASAP.I'd talk to the city and ask them politely how you are to get rid of the smell from the fridge when it is filled with the tenant's food which is causing the smell. 

@Natalie Medved, take this with a grain of salt, as my wife and I only owned our Airbnb for about 18 months, but also have a close friend that manages something like 20 in the PHX area (a combo of personally owned and 3rd party for clients).We generally had luck in our furniture with the higher end Ikea, mixed with some vintage finds and some new from places like West Elm and Crate and Barrel.  

Whether you are starting an online service or buy a food truck, endless possibilities..

The tenant wants over 13K to cover stay at a hotel (that only has a small fridge), food for the family, moving costs and storage costs which is about 2x the amount the city expects.

Just food for thought

I would guess if you do have 500k in equity you could probably outproduce the cashflow in most markets oustide of CA, and could possibly diversify into more than 1 property.Just some food for thought.