@Phillip Austin we've looked into these and it's our opinion they should only be used with Class A tenants, maybe Class B - deifinitely NOT Class C or D tenants.Several companies in this area will no longer allow S8 leases or tenants under 600 credit scores - because of the high number of claims & corresponding claim amounts.

I got a couple in my own portfolio that I also manage (I have a management company).

The management company stopped sending statements and stopped paying me rent at some point. 

The macroeconomics are on fire here - population growth, job growth, and companies moving and developing here.

What if it is 90% occupied with employees of one company.   

Some of the larger companies will take them, but they often charge a fee.

However, Greater Phoenix is not solely reliant on chip companies. 

Always keep record of where you told your insurance company that the property was being used for STR.

It comes down to how each county handles property tax valuation.To put it in generic terms - a title company & lender will base your initial mortgage payment on the property taxes of the previous owner.  

I did go look at it, knew it was accessible by dirt road, and did a lot of research into who owned the easement.Won the auction, paid a tax title company to get clear title (right of redemption is 3 years).