However, I was just wondering if I am missing something relevant to my claim or unrelated to my claim.  

@Bob Oliver For a calculator go to www.biggerpockets.com under the tools tab you will find Rentals and you can enter your property and the relevant information.

I am currently in the process of shopping around for insurance quotes in Upstate NY for a multifamily that I plan to owner-occupy. while trying to pull as much relevant experience/info as I can.

Washington Post article Food Stamps Put RI Town on Monthly Boom and Bust CycleDespite Concessions, Woonsocket's Pension is Forecast to Run Dry (Valley Breeze, the local newspaper to read for Woonsocket stuff)Appeal Period Expires on Supplemental Tax Suit (Valley Breeze)The last one is particularly relevant because the "supplemental tax" is a special extra tax bill Woonsocket sent out to property owners a few years ago, basically because they couldn't meet their expenses with property taxes alone.I like the general concept of investing where few others are, however I also give huge consideration to the fiscal stability of a city or town and how responsible its leadership appears to be.The latter is mainly because, if spending outweighs income a municipality can do one of two things: 1) reduce spending, 2) increase income (i.e., raise taxes).

The most relevant example is Germany and Angela Merkel.

If the tenant is sick, lost their job or had a death in the family none of it has any relevance to you & your rent collection policy.

The changes in the valuation of the assets in big market cycles is not that relevant and the need for shelter will not go away.You might be surprised to read that I actually agree with the statements and predictions of the book "The Fourth Turning" and the latest book by Ray Dalio titled "Principles for dealing with a changing world order".Even with all those big-cycle changes, the need for shelter will continue to exist and that's what I and my mentoring folks provide with our SFR investments.Everybody here on BP and in the investing world will have to decide how they want to position themselves as we are moving through these big cycles and associated changes.If you like to chat about what we do and why we don't sell, feel free to DM me and set up a call

What was relevant from that was the seller had tried to build an ambitious leveraged empire like many BPs recommend, but had ended up completely underwater and unable to service his debt, thus the short sale.

Understanding the legal implications and ensuring compliance with relevant laws is essential for a smooth and legally sound leasing process.

And then make sure to include all relevant expenses.