Both covered by allstate, both toilet supply line leaks, both over $30,000.

It's probably a toilet flap stuck open that allowed water to run continuously for five months.

I’d rather take a property down the street where I can tweak the revenue and expense levers than an out of state property where I need to trust that the property manager is putting in good tenants and I am not subject to getting oversized “automatically authorized” charges like replacing a $100 toilet for $500.

Do you not repair stoves or disposals or the toilet in the spare bathroom either?

I also have no desire to keep up with all federal and state laws in regards to rentals, nor get called at 2 am that the toilet is overflowing. 

If you have to pay more than $20, they may not be scamming you, but you can get the same education or information easier.Things that we spend most of our time and/or money on: plumbing issues (toilets and tubs), repainting, mowing and general yardwork, flooring (we lay Pergo type material whenever we have the time, cheaper over the long run), heavy cleaning, resetting cadet heaters, and appliance repairs.Study up!

Personally with 12 properties over 24 years (288 property years) I’ve made 2 x $30k claims for toilet supply line failures with Allstate.

I doubt I could remember all of the tools we've used on our rentals, but I'll give it a shot.Screwdrivers of various sizes/types, hammers, crowbar, cat's paw, shovels, rakes, broom & dust pan, wrenches of various sizes/types, pliers, wire strippers, circuit tester, reciprocating saw, circular saw, hacksaw, tile saw, miter saw, table saw, box cutter, scissors, pencils, tape measure, level, drill with bits and other attachments, string, saw horses, rotozip, heatgun, clamps, tin snips, saber saw, trowels, buckets, sheet rock knives, nail guns, paint brushes, rollers, trays, paint sprayer, rags, hoses & sprayers, power washer, tarps, carpet stretcher, work lights, garbage cans, paper tiger, garden sprayer, extension ladder, step stool, 6 & 8 foot step ladders, air compressor, toilet brush, shop vac, extension cords, fans . . . . . . .

That's because you aren't available or willing to take the calls on Christmas about a plugged up toilet, the guests are stuck in the snow, or there is a squirrel in the fireplace.  

Even if you were slightly in the hole for a year, it should pan out, but I wouldn't advise anyone get in that position unless they could ride it out.I made some conservative calculations on a 500K property in a good short-term rural rental market and the projected rental income + 1% annual property appreciation (very modest) came to $1.1m net positive value over 30 years.We bought it.