Malcomb's suggestion that you will be limited to a maximum of 75 percent of the appraised value is correct assuming the the rent will cover that figure.

It also provides insights into your cash flow to help you make sure you have sufficient funds to cover your expenses.How to get it: The PocketGuard app is available for both iOS devices in the App Store and Android devices in Google Play.Cost: A free plan is offered with basic budgeting features.

If you do not think the tenant has cash on hand to cover the judgment, you are likely better off turning it over to a collections agency. 

I've thought about offering $20,000 every 6 months for 3 years and a balloon mortgage to cover the remainder... 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Anyone know of a home owner's insurance company covering Lansing Michigan area for a 4 unit with additional accessory unit for a rental built in 1917 ?

I also have a down payment assistance program that covers 3.5%-5%, and does not require you to be a first-time home buyer. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

@Jay HinrichsI see some corrections in specific marketsI was looking at a STR we had owning in 2020 that seller pulled back and later sold - property is now $600k more than they time / I can’t see it being sustainable for anyone to pay that much as revenues will never come close to cover costs