I'm a small time investor so that kind of loss is gigantic.

As you write checks and make deposits your income tax return is preparing itself.At the end of the tax year print a simple Profit and Loss report for the time period and hand it to your bookkeeper or CPAYou still need to keep receipts for seven years or so but the works does itself as you write and code each check.Even if you file as an LLC, Partnership or corporation your CPA will thank you.

I asked for a T-12 for the properties and was told: "I do not have a profit & loss report for these properties as these properties represent a small chunk from a larger portfolio.

Only option is to pursue them in court, which may cost more than you recover.3) Cleaning-If there was $10k in damages, who did the repairs?

While the first half of 2023 was slow, in the second half of the year, the sales volume gained enough momentum to catch up on the loss by increasing by 25%.

Be nice to have a third person to go after for my bank client’s losses.

yes he will be receiving 50% of the profit if we do a profit or sharing the loss too

If the property sells for $250,000 or less the HELOC gets nothing, after the 1st is paid is when the HELOC gets monies.Thank you very much for clearing my confusion.One more question.Wouldn't it result in loss for the 2nd mortgage?

@Samuel Ksiazkieicz and @Amy LuThere are various companies like foremost, diamond preferred, Aegis, North Pointe.. based on location, rental loss coverage, swimming pool in property or not, pets etc.; the rates are different for various locations.Normally, I use an agent; who helps to locate the  best price. 

Out of pocket cost to purchase (DP 20%): $135,200Monthly cash flow: $5,400 - $4,000 (mortgage) = $1,400Months to recover only DP: $135,200 / $1,400 = 84.5 It will take you about 8 years to recover your down payment.