Have an objective third-party determine value in its current condition.

Calls like:"Unit 1 had tons of people over every weekend for parties and clearly uses way more water than us.""

Interpleader term that requires the QI to deposit funds with the court in case of disputes or 3rd party claims.

If you are looking to build quick capital and another full-time job, then flipping may be the answer...if you are looking for a slightly more passive approach and looking to build that long-term wealth, buy&hold'ing is maybe a better strategy.I've found introspecting on where I want to go long-term has helped clarify my short-term path...The beautiful part is Chicago offers all options at affordable prices general speaking compared to other metro areas.

First I want to thank you for reading, I am new to the investment market and the idea is exciting and terrifying at the same time.A few facts:Purchase Price: 325,000Rental Income Estimate: $5250Property details: This is a 3 door property:1. 1/1(main building)2. 3/2(main building)3. 2/1(separate building)Repair estimates to get all 3 properties up and running: $145,000 - $200,000I do not have a ARV since its very unique there is not anything we can compare to but I am looking to get a third party appraisal.Plan is to do a mortgage for the property with cash down payment.

These studies can be pretty complex, and a third-party expert will ensure it’s done correctly and that you maximize your depreciation.

They now self perform all of their construction (along with offering 3rd party construction management services).

- Do you have an in-house maintenance team or do you use third-party vendors?

I assume this is a 3rd party lender you are using and not the builders lender?

Quote from @Chinku Prasad: First, you can contact your insurance provider to see if they will cover the damages and then pursue compensation from the other party.