"Excess of normal wear and tear" is not "negligence"...Think negligence as unintentional damage caused by the tenant..things like: candles left burning, stove left on, cigarette on couch, kids stuffing a toy down a toilet, causing the water to back up, etc...That stated, your comment: "Additionally, the renters liability portion would also be another layer of protection between visitors and guests and the landlord.

- Also, 8 halogen bulbs are burned out and need to be replaced.

Quote from @Mike Burns: As soon as you have another 5% you can buy acquire another! 

If you already have a lot of properties or just money to burn, you could take that risk, but I would advise against it.

Recently had a storm blow a transformer near a LTR of mine, now I have to replace the oven which was affected by the blowout(fire department showed up when tenant smelled burning wires) -Septic tank and Well water.

Their house burned down and they stayed for a year with no problems.

I have the personality of a consultant and an artist/craftsman, which is why I'm best off making cash in my business and dropping it into a couple flips a year where I don't have to get burned out seeing a tenant messing up a property I put a lot of work into.  

Have you ever seen a more beautiful burn out?

@Jon Burns your advice is solid!

It will save you more money in the future.I got burned pretty bad in a different type of business with a friend.