You will need to set up the loan principal as a liability account and record the monthly payment, the principal portion will reduce the liability account and the interest portion as an expense.

Even if you are filing an extension I have tried to put some things together here that will help you DECREASE your personal tax liability and INCREASE your income for qualifying for a Fannie Mae and Freddie Mac type of loan.This post is designed to help persons who may need a Fannie/Freddie loan on a 1-4 unit property.

Make sure you only add them to the liability section not the property damage section. 

Problem solving.To be fair, most brokers would shy away from the subject to offer because of fear of liability.   

I will get all of these fixed prior to renting, not going to put anyone, including myself in a potential liability situation.

I would prefer emailing off some info and getting a rough quote before driving over and sitting down for a 2 hour shakedown by a new agent.I would also prefer me current agent not know I am aggressivly shopping around.I have a medium sized portfolio, 7 houses, liability, an auto, RV, renters policy etc.

This covers their liability to you for what they break and covers them with temporary housing funds and other benefits if they need it.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

However, finding good liability insurance will be difficult, call your current insurance company of find an experience insurance broker to learn more.

Make sure you understand what the searchers liability is for errors or omissions which believe it or not, do happen, all the time.