There is a lot of legality behind tenant landlord relationships, make sure you understand the law and seek the right professionals to help you.
You can deduct the policy cost off the security deposit. It`s worth it. and relatively inexpensive.
Also, do a credit check. verify employment etc. All your work is done up-front. If all ok, you should enjoy collecting checks every month.
P.S. if you need the name an excellent real estate attorney in Peabody, email me. Otherwise , Good Luck!