Somewhat a feature, somewhat a disadvantage, depending on your perspective.

The real question is can I deduct the expense at once or must I depreciate it from tax perspective?

From the insurance perspective, would it make sense for my homeowners not to cover that?

I appreciate the perspective! 

From the tenants perspective, they'd probably like it and feel empowered to call and organize it, and I'd assume it'd be processed faster than the landlord or PM who might want to verify it.    

From a landlords perspective (NOT the tenant), a lease is solely in place to legally bind and obligate the tenant to pay you a specified amount that's due monthly, the length of time of the lease as well as the conditions and rules you set forth for the tenant to abide by.

This really put things in perspective for me, LOL. 

Hello Landlords,Please help me make a decision on whether to rent to these perspective tenants 3 woman unrelated friends who have rented together in past somewhere else for at least 2 years.

Although those steps aren't ideal, they would provide more options.This is of course from the perspective that the buyer is guessing a high probability the market will decline.I ask this because I am currently looking for a primary residence to purchase and only intend to put in no more than 20% although I could put in more. 

From a lending perspective anything with 1 - 4 units is considered a SFR.