Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

I would now consider an inexpensive neighborhood in the city, pay all cash so I would no longer have a mortgage payment.

Not bad when you consider an electric bill of $500 during the summer months is typical and yearly average is ~$250/mo

Only if I can not find separate living areas do I consider an STR of a bedroom.  

I love PS but doubt I will ever consider an STR there anytime soon again.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

Great stuff.Also, I would strongly urge you to consider an acquistion strategic that includes purchasing with hard or private money and then refinance out with permenant commercial loans.

Before you even do this you should just call the listing agent and ask "Is it still available and if so would the seller consider an offer of $X?"

I understand the arguments for the simplicity of teh assignment, and I would definitely consider an an assignment on contracts less than 4-5k profit, but the double closing sits better with me.However, you're saying transactional funding costs several points, which would obviously eat up a lot of money on the deal.

The students pay what I consider an absurd amount of money, particularly as you get closer to campus in upper collegetown.