However (I'm an insurance agent not an attorney) the legal wrangling of the PM not taking a necessary action could set up a situation where the insurance carrier pays then subrogates back against the PM company for their inaction so the property manager should also have appropriate general liability coverage for their business.This next part can change by state and insurance carrier...Being named as lienholder or mortgagee can set up the lender being involved on the payout of any damages - say there is a fire the checks cut for damage could name the insured and lender so both parties have to agree how those funds will be used.Some carriers have a rule that if the loss amount is under a certain dollar amount the check is only cut in the owners name / if the loss exceeds a threshold (say $25k) the check is cut in both the owner and mortgagee names.Being named as loss payee is literally that - the check is cut in your name or both the insured and your name. 

The kind of deals that build your reputation for consistently unearthing the cream of the crop.You might think it takes insider connections or secret strategies.

About a month ago I had a contractor replace a roof that got damaged from a storm but when they had the shingles off another storm blew through overnight and blew the tarp off and a lot of water got in the house.

But usually you need to build a reputation and have some deals under your belt before someone (other than family) will trust you with their money.

Modern lumber is also a lot more prone to termite damage as it is softer and easier to consume whereas old lumber is extremely resinous and naturally termite resistant.

We have strong tenant pools so almost never have significant damages anyways (I never have on north side).

About two years ago I purchased a home damaged by a fire to rehab and flip. 

That can literally be like 50 bucks - and that is not up to youInvesting in section 8 usually means C-D class areas - Higher risk, higher turnover, higher chance of evictions, higher chance of property damage, behind on rent etc.Instead of buying a 20 unit, maybe considering scaling down and investing in a solid area. 

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late. 

It's helpful to work with a reputable team.