In this market, they don't have to.However, we have now also an element that makes our job much easier as investors: appreciation.

All legal rights pursuant to the Rental Agreement, including return of any Damage or Security Deposit(s) are assigned to the Incoming Resident and remaining residents.

If you're worried about damage with a long-term rental, carefully vetting tenants and maybe hiring a property management company can help.

Meaning landlord does not have to fix them.4) Yes, you can usually do this if it states so in your lease.Many PMCs requiring tenants to put all nonemergency maintenance requests in writing and an emergency is defined as something that may cause bodily harm or damage to the property.

FYI We looked at purchasing one that was operating already with a lease and I was really surprised how hostile banks were to the concept--they viewed it as a risky and potentially reputation damaging business.

This is different from homeowner’s insurance and will cover things like property damage, liability, and loss of rental income.

Take that and multiply it by every part of a property that can be damaged and you see why the insurance companies are losing so much money.To put it in perspective if the mortgage industry was losing money like this no one would be able to get a mortgage - period end of story.

There is substantial damage to the electric inlet and panel.

The company has already agreed to cover the lost rent as well as fix the damage but they are “conducting their investigation” so no actions have been taken to correct the issue yet. 

The structure could be damaged or even destroyed during that time.