I am close to New Jersey and come across so many potential deals and the biggest expense in a deal is my profession so I feel I have less risk failing.

Failed 4 point inspection on everything.

Failed 4 point inspection on everything.

For example, if the roof fails you will be out 4-5 years of "profit."    

If the tenant always paid late and had excuses for everything, if they told you they would be bringing in rent by Friday and failed, then this will be no different!

In Virginia, not only can we require it, out state allows the landlord to purchase a landlord liability policy and make the tenant pay for it if the tenant fails to do so themselves. 

An AC can fail, foundation can crack, driveway needs repaired, etc.The "pros"...Comps are usually pretty easy to get because there are several identical units (sqft and layout) to compare to.  

Pros:Almost maintenance free (no rot, no re-paint, occasional re-caulk)Hides bad paint and failing trim, cheaper than replacing/repainting the trimCons:They are not fastened well (they use small trim nails) and often come apart over the years with high winds.

I have witnessed a few of these ideas fail because tragedy of the commons issues.

Tenant fails or refuses to pay for rent of any kind = eviction.