If you collected an insurance claim you would only be able to collect your out of pocket (ie deductible).

You'll feel better yes, but success will most likely not be attained.Instead I entice you to start being smart, start thinking, start analytically dissecting theories and opinions and validate them with logic and proof.

So, we obtaina full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc.to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyPublic RecordsWe also obtain data from national databases about evictions, convictions and sex-offender histories.

You can build in sound proofing, but honestly I'd go with 2-3 floors for each so you don't have the tenant downstairs complaining about the one upstairs walking around at night.For costs-it could be more or less than new retail-depends on finishes of each. 

There are some forms of income that do not require any receipt to use which are some of the above (full time job just offer letter or ownership of newly acquired rental property (lease agreement + security deposit/rent proof only).If you dont plan to go back to full doc then stay in the no income/state world and the premium for these products varies between 1-2.5% higher than full doc fannie/freddie/FHA/VA rates but pros and cons right?

Monthly payment $1256total note collection remaining $139,416.

If they choose to stay, they must show proof of income so you know it's affordable.

Usually, this would be in the form of a rent roll and contains everything related to your property related to vacancy, rent collected, expenses, fees, etc.

(Say 60% LTV) Do you have enough reserves to go after the collection of this debt if they stop paying?

do I now Request for Tenancy Approval (RTA) form so HUD could come inspect the property and starting collecting rent (assuming inspection is passed)?