Yes or No.I would advise against taking several months rent in advance (see Advance Rent Dangers), and in this scenario, I'd much rather have a very large deposit (the amount of which may be limited by state and local laws in some areas). 

Real Estate really is a time game, and over time the cost of these things are dramatically mitigated by appreciation, but on the front end people need to be ready for your capex and mainantence budget to be blow, unless you are doing full rehabs. 

As real estate agents/Investors we do not posses a crystal ball to tell for sure but there are things we can do to mitigate the risks.

Because monthly payments are higher you're competing against far fewer home buyers and investors in Denver than we saw 6 months ago, but you still have the opportunity to mitigate most or all of your mortgage payment house hacking. 

Agree with Sergey...the checks to mitigate the issue could potentially be large depending on the prior business types that led to this current state.  

There are Real Estate Commission minutes published in every state with the names of people who violated real estate law.Again, you don't know what you don't know and that makes you a danger to yourself and others. 

Talk to someone in Oakland doing it and see how they mitigate risk.

That's call speculation and that can be dangerous.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

v=2gLcoA-S78wBut I could see your average "City Feller" complaining about it due to the possible danger to kids.But rather than go the the PD yourself, just tell the renter to go to the PD if he wants--you can't very easily control who the neighbors are--the Federal Government and Equal Housing laws prevent that type of thing.Just my 2 cents and Good Luck!