But a 1 year lease is common in my area, and hopefully the screening process is what gets you "mostly" very good tenants. 

It was bought at asking price, no "as-is" clause, and does have a warranty provided by the seller but I don't think that covers water damage.

A condo has an HOA fee that covers it.

Very polite, proactive in the application process, had good references from previous landlord, has good/stable employment, and when I looked them up on Facebook their information matched everything on their application.Unfortunately, they are not able to complete the screening due to a complete lack of credit history (young applicant with no credit cards or, evidently, student loans).

As long as it makes sense as an investment property, meaning, I am hitting my personal cash-flow and ROI goals while covering all the expenses you have accounted for in your analysis, then it is a WIN, and I move forward with the deal.

My leases say that the renters has to cover the first $50 in repair costs. 

So hours might not be cut but (insert something stupid) happened and rent will be late etc....Or the constant budget issues facing our government also can impact their pay.Generally speaking you're right though a member has more to lose than the average Joe, but that doesn't make all of them good tenants.Uh...you still have to screen them.

Somebody is going to have to deal with either fixing it, covering it, or filling it in.If you choose to fill it in, you might have to actually take it out - meaning bust up the walls and haul it to the dump. 

Keyrenter Property Management does a great job with marketing, tenant screening, and property management.

They do integrate with our tenant screening service so I'm biased but I like the fact they provide options to let the client pick what fits their needs best.