Quote from @Eamon Conheady: I was purchasing a multi family through an IRA LLC and was utilizing debt to finance it, requiring a non-recourse loan.

I'll look into VRBO as an additional platform as well, thank you!

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

Also, do you have enough equity that if you sold one you could pay down most of the debt on the other 3?

Please keep pushing and sharing your progress. we are enjoying seeing your success in addition to learning how to pursue and analyze deals in different market sectors before blindly buying and learning the hard way.

Investigate what (if any) additional fees that they charge for handling evictions, and find out whether they go to small-claims themselves, or hire an attorney.

As JD said, the tenant must list the landlord as "additional interest" on the policy.

Quote from @Kyle Schachsieck: Thank you all for the information and additional resources!

OR refi one at 70% and get the 45k loan leaving some debt on the line of credit but keeping home 3 free and clear and adding a lot of value to it as well as getting some really good rental income from it.

Here's the breakdown of rental income and expense analysis:1.Annual Gross Income: $25,800 (Monthly rent of $2,150 x 12)2.Annual Expenses: $25,800 * 0.40 = $10,3203.Annual NOI: $25,800 - $10,320 = $15,4804.Annual Debt Service: $10,680 (Calculated previously using a mortgage calculator with a loan of $131,775, 7.25% interest, and a 30-year term)5.DSCR: $15,480 / $10,680 = 1.45 (approximately)