As long as the prospective tenants have been screened thoroughly, I’m ok with them being there for a long period of time.

Investors control for that by vetting tenants thoroughly, but if a late rent payment is putting your personal residence at risk that much, I say find another way.Consider your return on equity.

So is thorough buffing of newly cut keys with the wire wheel.

I’m confident I will be awesome at it and thoroughly enjoy the job.

It's your goal like any rental to manage risk by thoroughly reviewing tenants during the application process.

Sounds like you did a thorough job too.  

Some if not most of this risk can be handled through due diligence, IF you have a great enough understanding of the specific real estate type and subject market; the time to perform a thorough vetting and the knowledge/ability to perform a proper due diligence.You may be seeing 20% + as a target return, usually for deals on the riskier end of the spectrum.  

I’m an ER nurse so I’m very pro-documentation and want to be thorough and appropriate with this documentation.

That site looks very thorough.

Aloha,The local market is secondary, you need to thoroughly evaluate the HOA...it's Governing Docs; Board and Annual meeting minutes for the past year or two ; current operating Budget; current Reserve Funding Plan (you must understand how this is created and what it means for your future); most recent monthly financial reports; most recent Reserve Study; and you should familiarize yourself with local HOA laws that may supersede portions of the Governing Docs.