If you practice patience when a steal comes along, it's going to get stolen out from under you.I do agree with #2, short term investments are very tax-disadvantaged.

The question is regarding the practical matters.Suppose in your example, you knew that if you called the police they'd come by, arrest the perp, then bill you for their services roughly the same as the value as what was being stolen?

This can cost thousands of dollars to replace, only to find it all stolen again.Do not only rely on proforma.

I owned one 20 years ago, but it was stolen.

I can't tell you how many times I've heard people had car troubles and thats why their rent was late.One of my favorites was when they claimed their purse was stolen while they were paying for gas at a gas station - and the money order for rent was in their purse.That being said, whats the point of having a professional PM if they're going to fall for the stories too?

A lot of copper has been stolen (included in repair estimate), but windows haven't been broken and theres no graffiti (if that helps with the type of neighborhood).

The fact that AC was stolen is probably not helping humidity levels in house either.

If so, do you really want to replace outside units that have already been stolen once?

If you don't get your people to buy in then it may not help/work.On that subject (sorry if this isn't helpful) - I had a current worker that got his masonry tools stolen. 

If you did sell it without a title and are not the owner, I would imagine that's akin to selling stolen goods.