You may disagree with a person’s political beliefs, religious beliefs or life choices that have nothing to do with whether or not they will be a good renter.

Insurance is going to be your main issue, as it is costly and having been on three boards, we were risk averse to changing it or losing it as I recall insurers bringing up details from bbq to pets, etc. and when you have a claim, really it seemed a struggle, and if they can get out of paying they will..even got dropped once...Maybe have the master policy professionally examined to see what is allowed and, worst case, explore if you can get legal help to work out a mechanism to hold the association harmless (be it your own policy, plus umbrella, and maybe indemnify the association for any claim)....some great advice here and some firms may be more willing to write the policy.

We had people disagree about whose fault things were, and ended up causing a lot of issues between us and the roommates.

I disagree with @Chris L. who thinks Class A properties are relevant, via the link to the article.

@Eric Armstrong -- I would disagree that there are not good MLS deals.  

He'll disagree of course but its a game.  

Just last year, Forbes Magazine examined pet friendly rentals in the top 25 markets, and determined that Seattle’s pet friendly rental market is the second best in the US.

This has also been debated a few times on BP and I disagree entirely.

I can't disagree with you on paying $600 to make $30k in the least, but I may have misunderstood.  

The contract becomes an issue when the parties start to disagree.