One thing to add, keep in mind that some people can run into cash flow issues when the tax bill comes due if they end up getting those losses, especially if equity was taken out at any point, such as through a refinance, and spent on something else.Also, to put on my accounting hat, which most won't see, from a bookkeeping perspective on the balance sheet side, you carry a deferred tax liability for excess tax depreciation over book depr.

Rental Agreement for every stay (include language that covers credit card authorization and controlling law language) 2.

I hear that some local Section 8 authorities are easy to deal with. 

https://dhr.illinois.gov/content/dam/soi/en/web/dhr/publicat...

Plan cash flow assuming you may only receive the housing authority portion.Inspections and compliance.

Authorities identified and arrested five individuals—Jermaine Matthews, Dominique Kittle, DeKyra Vernon, Montianez Merriweather, and Patrick Rosemond—for charges including felonious assault, aggravated riot, and assault, with the FBI now coordinating with the Cincinnati Police Department on the investigation. 

Again, my thanks to Woody Adams ofRadio Free QuickBooksfor the great information that he has compiled (and is updating).QuickBooks,QuickBooks OnlineCategory:Cloud Accounting,QuickBooks Online,QuickBooks Tips/Tricks About the Author(Author Profile)Charlie Russell is the founder of CCRSoftware.

The Thing I can say with authority is, "listen to the market", the trend is your friend.  

If the holes are excessive or hard to patch then go ahead and charge.  

I build the excess into my nightly fee.