You need deep pockets to ride out the major expenses along with supplementing your rental income to pay the bills but that is the way is seems to be out there.

If it was in inspection report it should've been dealt with at the time.2) Mold claims (first assuming there's evidence of mold) are excluded from coverage in many areas/policies.

As paid contractors they would need their own insurance coverage.

I had no idea about these terms and vocabulary used in evaluating rental property.My main question is,   What is a decent, good, and great number to achieve on rental houses in general  for these categories;Pro Forma Cap RateCash on Cash ROIPurchase Cap RateIncome-Expense Ratio 2% ruleDebt Coverage RatioTypical Cap RateGross Rent MultiplierBoth houses of rentals of mine, or single family ranch house.  

My goal is to build a solid portfolio of rental properties and supplement the portfolio with fix/flip profits.

I am also an engineer (mechanical) looking to generate a passive income stream to supplement my day job.

But what is also going to matter to you are clauses in there about “lost income/rent” coverage.

That gave us the option of shifting almost all the building coverage to the Unit Owners and minimizing the Condo owned (common elements). 

It's pretty convenient, although their coverage rates are relatively high and you have no say as to what coverage you want.

However, you should get some quotes and compare the coverage.