It takes a bit of time to set up and for short duration projects takes more time to update than it's worth. 

I was thinking about shutting off their main water valve and draining the system for their duration of leave... 

You need to document dates, times, duration, and details of each incident, over a period of time...30 - 90 days, in writing.

As mentioned read your lease carefully.My lease states tenant is responsible for duration of lease or until It is rerented and they lose their deposit.

The key determining factor in my opinion was the amount of leverage people had taken on and duration of the loans. 

keep in mind some of these rent assistance programs come with significant conditions;   Some of the assistance programs I've seen in WA require forgiveness of past AND FUTURE unpaid rent for the duration of the pandemic if any rent assistance is received,   as well as required renewal of the tenancy indefinitely regardless of payment balance from COVID period.   

It is also something that I have referenced in the past: matching the duration of your assets and liabilities.

I have always considered insurance a holding (carrying) cost, since I have to pay it for the duration that I own the property.  

I made the mistake of focusing on the terms of the carry -- rates and duration -- rather than thinking through the risk of being in 2nd position in a declining market.

You are  changing what what the product is and the value it provides by furnishing it and offering it on shorter term duration contracts.