Also, like mentioned earlier, the HOA fees on these buildings are very high and vacancies can destroy your cash flow if not done correctly. 

Divorce--even if it's in their best interest, they would rather make their ex-suffer by destroying eachother, 4.

But instead of destroying my business, by overcoming and working through those extremely challenging and financially risky situations, my business was catapulted to a whole new level in a relatively short amount of time.

Then you'll be fixing the drywall that you destroyed in your own home vs. the drywall that a tenant destroyed in one of your rentals...

If you're getting $600/mo and of that $100/mo cash flow just the placement fee of 1 mo rent will destroy 6 months of profit.

The last "cleaning" I did involved replacing 6 brand new miniblinds that the tenant's cat destroyed and they had to be cut off because of odd sizes; stove was filthy; refrigerator was filthy; new storm off it's hinges, new carpet not clean; fireplace filled with burnt logs, cat hair and dust everywhere; light bulbs had to be replaced etc. etc.

If they destroy your property or skip out on rent how will you collect from them?

If not just compose one based on your observations and hope that the former tenant accedes to it, some will, some won't.I used to have a room-by-room checklist which noted some of the following:Condition of walls and paintCondition of carpetCondition of doors and doorknobsCondition of ceilingCondition of light fixture and the bulb worksCondition of toilet, sink and tub in bathsCondition of stove, oven sink, garbage disposal and dishwasher in kitchenCondition of grass and shrubs.On the move out version I had a list of amounts that I was deducting, including but not limited to:Missing door stop (the move in one showed that there was one for EVERY door) $5.00Hole in wall from doorknob going through it (somehow in my 60 years on earth I've never destroyed a door stop or knocked a doorknob through a wall, but it's not hard to tenants) $75.Pooper scooping the yard $5.00 per pile.

They had first thought they had a burglar break into the home and destroy it, until they came across this guy in the tub.

Destroyed carpet and huge flea infestation.