After reading thru a few of your responses, I would like to add a bit more information. 

I've been lucky enough to get many inquiries and rent the home out to many people in such a short period of time.   This is my first time doing something like this and without experience, you live and learn.  I signed many contracts before my first rental arrived, so I could not know what was in store for me.  You would think when a person tells you they are in their mid 20s and its for a birthday party, how bad could that be? 

So here are my tips to any that want to listen.  I feel like I am now a pro at this in such as short time since I did rent it out to many different age groups.

1.  If they are 26 yrs old and younger, I would not rent it at all anymore.   Every single young group that I had and I mean every single one, has caused some sort of damage.   I know I can get things fixed and quickly, but when you have a real nice home that you put so much work into, you do not want to hear the cleaning service call and say:

A.  They punched a hole in your kithcen wall

B.  Beer is spilled all over the walls and floors and carpet

C.  The new table or couch or some furniture was damaged

My neighbors that were once friendly and wonderful to me, now are disgusted with me.  Every young group would blast music all hours of the night, blast rap music and sing out loud to it which many include cursing.  There is just total disregard to the neighbors and kids that live in the area.  Do not rent to kids, your problems will go away.

2.  Rent to families.  If there are parents there, then it does not matter how many of their teenage kids are there.  The parents keep them in check.  So far, I am 100% without incident with families as long as the parents are there.  Now I dont mean a prom party with a parent or two there, I mean stick with families, ruenions, things like that.

3.  Rent to business functions that are 30 yrs and older and want a retreat.  Like the families, they just know to take care of your place.  They do not need calls to their bosses about abuse and damage.  So far, I am 100% without incident.

4.  You MUST have the guest pay for the $89 insurance policy for $5,000 in ACCIDENTAL COVERAGE.  You MUST also make sure you get a SECURITY DEPOSIT.  You can get both, I have no problems getting both.  If they dont want to pay both, dont rent to them.  Only a few have asked why I charge both and its simple.  Accidents happen.  I know it, they know it.  If they ACCIDENTLY break my $3500 LCD TV, let the carrier pay for it, not them.  I explain I dont want to have to chase them or take higher deposits from them to cover expenses.  They all agree.  Just the fact that they know $500 of their money can be lost, they will make sure they treat your home with respect.

5.  People Lie !!  Imagine that?  Make sure you call every single lead that wants to rent.  First of all, its good business to get in touch with the guest right away.  If they sound like they are a kid speaking on behalf of their aunt or parent, forget it !  There are parents and adults that will lie and sign contracts for their younger relatives.  Make sure you are speaking to an adult.  Let them know they must be there at time of check in or there will be NO check in and they lose their money.  Thats enough to take care of a good percentage of those adults that do not care.

6.  Buy a combination lock for your entrance door.  Get some 25 different key codes and mix it up when you have a guest arrive.  Do not give out any keys.  Change the key codes often, its easy enough.

7.  I call or text every single guest the night or day after their arrival asking if all is ok, do they need anything, are they happy.  This goes over real well and shows you care.

8.  Make up a brochure for your home and its surrounding areas.  Send this to your guests before arrival and have it also in a nice binder in those plastic sheets on the main table in the home where it can be found.  I made up colorful photos of how to use the TVs, the remotes, the stereo systems, where the circuit breakers are, where the restaurants are, their address, phone numbers, a bunch of different places in the area to visit, shop and so on.  Make it real easy for them and they will love you for it.  Let the guests know that you are not just renting, but you want to make sure they have a great time and know all the fun things to do.  Think about it.  They know nothing.  They are just renting this new home and have no idea whats in the area and start doing their google searches.  Make this much easier for them.

9.  The first page of my binder lets them know that accidents happen.  It lets them know thats why you took out the insurance and you wont be upset or yell if something breaks.  Let them know to contact you so you can have it fixed before the next guest arrival.

10.  My next page in the binder is checkout procedrues.  I let them know what we expect of them based on the cleaning option.  After we added this in the binder, the dishwasher was actually turned on before they left and lights and air conditioning shut off.

11.  Offer two cleaning service options.  My option I cleaning service means I want the home back the same way you found it on arrival.  Just leaves the beds and linens alone.  My option II is more expensive and you with this, you do not have to do a thing.  Many guests on their last day do NOT want to have to clean anything.  They want their morning coffee, breakfast, read the paper, whatever and not have to spend the whole morning cleaning. 

12.  Ask your neighbors to store your phone number in their cell phone.  To call you if the noise is too loud and you will take care of it.  I have every new renters phone number in my cell phone and I carry my phone with me all the time and its next to my bed at night.  I want that phone call if there is a problem so I can immediately call the guest and let them know they are being too loud.  This worked every single time for me and I had to do this at least 6 times this summer so far.  It works instantly and thats what you want.  If the cops arrive too many times to your home, you may not be renting much longer.

13.  If you have any neighbors that are getting tired of your rentals, its time to send over that pizza pie or gift certifcate to a nice restaurant.  Even if you have to do it a few times, its worth it.

14.  I supply liquid hand soap in every bathroom, 2 rolls of toilet paper in every bathroom, a roll of paper towels in the kitchen, dishwasher liquid and a garbage bag is in every single large and small basket.  If guests arrive and they did not go shopping yet and have to run to the toilet and nothing is there waiting for them, they will remember these things. 

Buying dishwasher soap is inexpensive and assures you the guests will use the soap in the dishwasher before they leave instead of just running the water.

No spider webs are allowed anywhere.  Guests remember this and will hate you for it.  Make sure your cleaning service does a walk thru before they are gone.

Buy those air freshners that popup and leave a great smell.  We put one in every room of the home and in gathering areas, living rooms and things like that.  You want the guests to come back, dont you ?

15.  Take care of your cleaning service.  See what the owner likes or the person that is always at the home.  If they like the Yankees, buy them tickets.  You dont need to give money, they will remember the gift far longer than they will the cash.  You will be amazed at how much better a job they will do in your home. 

I hope my experience this first year of renting will be of some help to others.