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If they go bankrupt they still lose their initial investment. That isn't shielded by anything.

Writing it off as a tax loss only covers a small percentage of the loss and assumes you have another gain to offset.

And the landlord can get insurance to protect from the renter destroying the place.

And require tenants to pay for their own insurance so that the landlord doesn't have to pay if anything happens to stuff the tenants own or if they cause large amounts of property damage.

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