If the roof was damaged by wind since you purchased the home, that should be a covered loss. 

Hi Melanie, depends on 10 yr note, could continue to go up slowly for next 30-40 yrs as it has done between 45-82 or 1890-1920, or down for 30+ yrs like 1920-1945 or 1982 until 4 yrs ago, if they have 25% down and long term fixed rate debt ( just got a 10 yr loan at 6.95%) and Cap rate >150 Bp above debt rate, they should do fine-assuming good local market, even if value drops 20% short term, it will recover longer term and should be ok.

His takeaway from his loss was that all debt is inherently bad and people should only buy investment homes in cash. 

My W2 income is >$550k/year, if I build an RV/Boat storage facility, will my storage business expenses/losses be able to reduce my W2 taxable income? 

Do you have the skills needed to manage it well and prevent losses?

Downside is if you have more than a month in vacancy you lose that income and it will take time to recover that loss. 

Before I purchase an insurance policy I wanted to seek some guidance on the best way to proceed.I received 1 quote so far for a HO3 policy that has 600k+ of dwelling coverage, 70k of additional structure, 450k personal property, 200k loss of use, 500k liability, and a few extras like equipment breakdown, water backup, service line.

I'm going to guess loss of income on some level.  

Why did your CPA suggest that you need to break out the income / loss by each unit?

When you do buy a property, will you be prepared to manage it properly and prevent major losses by making rookie mistakes in the most heavily regulated state in the union?