I believe at least a couple cities now require that security deposit alternatives are offered as an option to tenants, so this may end up becoming a common practice.

My wife and I own a dental practice and purchased our building.

It is really a matter of keeping the hot tub safe and sanitized for the guests.In my market it is standard practice to drain, clean and refill after every guest.  

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

None of the above works unless you take action and put it into practice.

It's probably not the best practice to use a percentage of gross rents to determine your expenses and underwrite a property.

. #1 plus just practice being an agent passively. 

@Scott Passman The overall condition of the property (affecting future repairs) and the ongoing management (practices that generate cash flow) are going to have THE greatest impact on your overall long term performance. 

These groups are huge for hearing about best practices and ways you can improve your next investment or make your current investment more profitable.  

Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them.