All of this is from just one, two, or three deals a year. The worst first. It is work, just like any other business. Some tenants do tear things up. However, if you screen properly and set policies and procedures, you can minimize your headaches and losses.
Most landlords run their business like a bad hobby.
In six years of being a landlord, I've never had an emergency. If there has been one, the police or fire department takes care of it. We have our set policies and procedures and we enforce them. You need to do the same whether you have one property or three hundred. The best part is that I have never seen a better wealth builder.