As you could imagine, landlords would be filing claims frequently and all over the country if this type of coverage was a real thing (especially when times are tough, or during a period of inflation). 

You still have to wait 120 days from the first missed payment to file than another 60 days for proceedings,(Dodd Frank) minimum, if the borrower files a bankruptcy in that time frame everything stops immediately until the bankruptcy is ruled on.   

Follow your process as if the tenant failed to pay rent (apply late fees, file a 3-day Pay or Quit, etc.).

Honestly, we should have been easy clients - we came to him with a plan in place wanting his help on claiming REP status, setting up a cost segregation for a rental property bought and functioning in 2022, so that we could file for 100% bonus depreciation for that tax year.

Prepagent also has a massive pdf file for all of the vocab, as well as flashcards and vocab study guides.I also recommend the Real Estate Advantage YouTube channel.

The deed is the deed...it's not like a contract that you can change unless there was typo in the original deed in which a "correction deed" or similar form deed will be filed after the fact.  

Hey @Michael Walley - I'd start off by saying, you are generally in a pretty good position if you haven't already paid him.FOR SURE YOU NEED TO GET LIEN WAVIERS if you have any indication that things could go sideways - don't make a payment til you get them.I would also ask for some type of breakdown of the scope of work you are paying for as you mentioned.Here in Chicago / Illinois a general contractor has 4 months to file a mechanics lien from the last time they were working on the job.I wouldn't rush to get an attorney.

Also, if you're investing in multiple states, just make sure your professional understands what is necessary for filing based on that situation. 

But, it could certainly vary based on how your CPA filed your taxes.

If you don't plan on filing a claim unless its at least 5k, why pay a premium for a smaller deductible?