Mixing long term tenants, who are going about their daily lives which includes routine of sleep and work, complain of safety concerns (vacationers = random people versus qualified tenants/neighbors) and the noise level of vacationers ( which is less about loud partying than the irregularity of the coming and going, ie late checkin's rattling luggage by windows and up stairs) If the long term tenants are easy going and not overly territorial it may work out fine without high turnover or complaints.Good luck and keep us posted. -- Lisa

Once you gain some wealth you can afford to get better protection.Nothing will protect you from doing bad things like driving drunk in a company car and hurting and killing someone, or ignoring safety codes and killing folks with carbon monoxide poisoning from a furnace, or burning the house down from ignoring fire codes, but running your business correctly, buying insurance, and using an LLC properly will provide massive amounts of protection from liability. 

Emphasis should be on the return of your money (safety) not the rate of return. 

If your strategy is to refi your down payment out, I think I'd prioritize that path and which will return the most cash and allow me to invest in more deals.

I will not trade time for money or prioritize money above relationships.

@Brandon Schlichter I was mainly referring to areas to avoid from a safety standpoint as I am not interested in investing in war zones.

I know I do and that means having lease covenants like one that states the property is crime-free so take your meth cooking elsewhere - as it is not only illegal but a safety concern for all. 

One factor, other than wear&tear / other residents / lower-income (humane) prioritizing of pets over prompt rent,that's not to be overlooked:more expensive homeowners insurance

I can assure you, he is uber cautious about checking out every detail regarding safety and the like. 

However, even with a B class if you aren't up for a whole house rehab, I would prioritize the public areas of the home.