However, we aren't aware of this individual's risk tolerance or financial situation.  

It won't work after this as I have a low tolerance for people like this and made it clear the $50 was a one time "courtesy".

Take plenty of pictures.Why in the world would you tolerate this situation?  

I agree I would have a few of these as backup as elderly cannot tolerate the heat..

I tell my renters right upfront I have a ZERO TOLERANCE policy for late rent.

I do not suffer from nor do I have any tolerance for emotions in making business decisions. 

Now zero tolerance.

With only one property, a lot of people choose against the LLC and just get a good insurance policy for protection, but that decision is up to you and depends on a lot of factors like your personal financial situation, risk tolerance, type of property, condition of property, abilities of property manager, etc. 

The way you insure your investment property depends on your business model, needed cash flow and risk tolerance.

What each person needs to do is understand the applicable laws and regulations as they apply to various financing or mortgage strategies, and balance that with your risk tolerance and paranoia (which may vary depending on the week and political landscape - which also changes weekly).Even the most seasoned real estate attorneys won't be able to navigate all of this expertly.