Tenants think of landlords as extremely wealthy individuals that have tons of properties.  

It's the price to be paid for "saving" (read: not spending) money: own it without a business entity structure and manage it yourself in return for the dangers of nut-case tenants and more.No one ever built wealth by not spending.The only way to build wealth is by investing for income.

I am not wealthy enough to lose $800 so I need to get all $800 back. 

The duplex i'm putting an offer on in CT is .25 miles from the water in a very wealthy, white collar area.

Other things to keep in mind with large rentals is wealthy people go through divorces too.  

I have always known that many wealthy people lost much and took great risk to follow their dreams and have overcome defeat, some even many defeats, in spite of the nay Sayers who only know defeat. 

Most CA people are telling me to stay local, RE wealth is made on appreciation, not on cash flow and forget about LV, too much boom and bust.

If I'm struggling to pay your $50-100 part of the bill - then I have much bigger problems.It's not that money isn't important, it is, but the small time, small minded, small brained, small wallet people, generally are also tight, mean, and not as wealthy as they make out.It was very telling when we had dinner with that dreadful wholesaler creature a few weeks ago, when the bill came, he instantly said "we'll split it" to the waitress, we politely declined and asked the waitress to make it a single bill that we would pay.

It's not such a big deal to rent to lower income people, just make sure you don't rent to lower class people.Lower income = not having a lot of moneyLower class = liars, drug users/dealers, questionable morals, lack of respectThere are lower income people that have a high amount of class just as there can be more wealthy people that are lower class.Lower income and lower class people can come in any color. 

Do you deny rentals to wealthy young adults who might have unestablished credit histories?