Hello BiggerPockets Community,I'm a new landlord and want to ensure that I have the right insurance coverage for my rental property.

Ensure that a structural engineer inspects critical areas like the roof and foundation, as their expertise can help you understand the true condition of the home and potential repair costs.

Mitigation Strategy: Develop strong tenant screening processes to ensure reliable tenants, and maintain good relationships to encourage timely payments and longer leases.

These inspections are often required by local municipalities to ensure that properties meet certain safety and habitability standards.

When it began, the inspector asked me to show the condenser to ensure it was on a pad.

Here are the variables you'll need:ARV (After Repair Value)Estimated Repairs (add a 10% contingency)Estimated RentPurchase PriceEstimated PITI (Principal, Interest, Taxes, and Insurance) on the refinance sideIf you know these values and ensure that your all-in cost (purchase price plus repairs) is 75% or less of the ARV, and that your rent will cover PITI + vacancy + maintenance + property management, then it's a deal worth pursuing.The BRRRR model is a fantastic way to build a portfolio and is still very feasible—even in 2024.If you're interested in more info, feel free to shoot me a DM—we can connect, and I'd be happy to assist you.

We utilized our capital to cover the purchase cost, ensuring a smooth and expedited transaction.

Consider the potential for increased property value and rental income against the additional management responsibilities and possible tax implications.Remember to consult with local authorities and possibly a real estate attorney to ensure full compliance with all regulations in your specific area.Let me know if you need funding for the rehab.Regards,Jackson

This will ensure that most of what COULD go wrong gets addressed on the front end so that you don't have to get bogged down with ongoing maintenance judgement calls.If none of these suggestions seem tenable in reducing the brain damage associated with owning property, then owning rental property directly might not be for you. 

If I ever plan to use a family member or friend who may not want to be fully involved in the process - what kind of documents would I need to provide that person that ensures their end is covered and could fully explain numbers, process, timeline, and security for them?