Not only do taxes pass through to renters, very often they are substantially higher. In New York, for instance, there is a substantial school tax credit for homeowners not available to rental properties. In addition, some cities have a homestead property tax rate that is substantially lower than the commercial tax rate applicable to rental properties.

One thing I really hated about living in an apartment was that the landlord would show up twice a year with very little warning to inspect the fire alarms etc. As a security person, having all the keys to my home and neighbors homes sitting in a nearby office wasn't very reassuring of my safety or privacy.

The bank on the other hand doesn't care what you do with your alarms or anything else as long as their payments keep showing up.