The amount was based on the possible loss we can incur.But we are not taking in charge the current eviction.

In my mind, a multi-member LLC where my wife and I are 50/50 partners make sense, but I don't know if that will cause problems at tax time with counting losses from the LLC against my active income.

You would go right to QuickBooks and pull your Profit & Loss and Balance Sheet.

Allstate and State Farm in Illinois lately have been huge a**holes as far as providing coverage when a loss occurs.

$5.5K in unnecessary plumbing issues caused by tenant in eviction (no way to recover costs)Hire a handyman when possible, they are cheaper.  

So I take what you have and what you expect, estimate the time it would take in a whole year of work and create my flat rate.I notice short term rentals are about 1 hour a month of work per property, since we need to track each property's Profit & Loss for Tax time, this is also tracking a mortgage and depreciation as well for that property.

., so the $3-400 'cashflow' would probably be closer to $0 or a loss on the property they were analyzing. 

Screen tenants, Implement thorough tenant screening processes to minimize your risk of vacancy and potential rental income loss.4.

And the only job losses that result from raising the minimum wage are youth jobs and that's because adults will take them if they pay well enough to make them worthwhile.

Get ready to spend some serious time shopping insurance and make sure to get rental income replacement coverage in case of a loss.