One tenant decides not to pay can eat up 2-3 months worth of lost rent, plus court costs, plus damages, plus time vacant while you make repairs. 

The landlord would then pay for the cost of the hotel.I don't see compensable damages here.  

If the friend's unit is not your rental unit, there is nothing you can do, other than be happy that you now know where to serve the evicted man if you plan to sue him in small claims court for your damages (assuming that he has wages to garnish, or assets to attach). 

Just try to avoid vacation season like Christmas holidays and summer so you can get full attention of prospective investors..You should also understand the local market for those McMaster rentals.

Yes you can as long as you have a deposit and your lease states the deposit can be forefit for damage to the property. 

I've got a unit (townhouse) that has sustained some water damage as a result of contractor error when replacing the roof. 

The water heater goes out and costs $800 to replace (eight months of income) or a bad tenant causes $2,000 in damages and forces a month of vacancy.

If they are not aligned then simply keep looking till you find one that is.I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.Questions to Ask prospective management companies1.

I’ve been preparing for this for over a year by saving money (we all know the pay droughts that can occur especially when starting) and I’m ready to hit the floor running.There are a couple things I would love some feedback on:1) I created a daily schedule I’m going to try following which consists of 3.5hrs prospecting daily (5.5hrs for days with no appts/showings).

It is an exciting prospect to open yourself up to unlimited investment opportunities by expanding your locale.Best of luck!!