The con is you lying to yourself.
If you arent holding your tenant responsible for damages they are doing to your property, you are only hurting yourself in the end.
There's a reason why apartments take people to court for damages to places.
The courts almost always rule in the apartments favor if the damage claim is even remotely reasonable, usually because the tenant cant prove they DIDN'T DO IT, and they didn't list it as damaged on the first 14 days of move in. (that's what that sheet is REALLY for).
Once a tenant has a note of backed amounts due, your real estate business name on it, and shows as delinquent (or collections), it severely damages a tenants ability to rent in the future, and forces them to pay it off in order to get reasonable rent terms again in the next 7 years.
Additionally, more nasty collection processes and measures can be taken that are more aggressive than this, should you choose to do so, such as rolling transfer (which keeps balances on their credit indefinitely), and other nasty tactics.
Even more aggressive measures can be taken should they choose not to pay, such as pushing it through civil court, passing on those legal fees as additional fees, and gaining wage garnishments for all the costs, which will usually finish through courts by the time they start actually working.
Remember, as a landlord you are an investor in RE, your RE is your property, and your investment. Protect your investment.
