If you're declaring the income, you also want to be able to declare the expenses and depreciation.

Most landlords in Milwaukee own less than 5 units and it is not a big focus in their lives, they are not on BP, they don't belong to the RPA etcIronically, for a couple bucks you can get a court-tested lease from Wisconsin Legal Blank or from the WRA.Court rulings like this also mean that it will make the market tighter for tenants as landlords are driven more and more into defensive strategies.

I am playing devil's advocate and think this coverage denial can easily be fought in court. 

I wouldn't necessarily give the tenants all that detail and copies of receipts, but you will need to have it if your assessment is disputed.FWIW, for severe damage, many landlords will stop at the maximum allowed by small claims court, because going to a different court becomes expensive.

Again especially when they want something to be kept confidential it would not be kept confidential if it went to court.

I am now approaching 115+ days since assignment on my first 3 deals and because I am in NYS, my attorney tells me that I cannot even speak to buyer’s or seller’s attorneys due to “breach of contract”.I lost my first deal in fact because we were hindering on 130 days since assignment (should have been long closed) and the city decided to demo before we closed and were able to takeover in court. 

If something happens on that property and you were to be sued, you are going to be sued in a GA court of law and the judge can set aside the Wyoming LLC because it is a completely different jurisdiction.

Be careful; the rules for qualifying for a real estate professional are extremely complex - it is an area of the tax code that many practitioners and even judges (tax court cases) have gotten wrong.

Additionally, it needs to be filed in probate court.

Its hard for you to claim in court that you didn't intend 10 days.