It sounds like you are doing great with COVERAGE, just not as good with IMPACT.

We own a few rental properties in Michigan and have notes on each of them.Currently we carry 1.5 million of liability coverage on each property (500K base, plus a 1 million dollar umbrella).

You might try having a local realtor look up recently leased comps in the MLS as an alternative/supplemental form of establishing market rent.

Make sure that their insurance information is accurate – and that their coverage is in force before letting them begin a job.Visit one of their worksites – Wouldn’t it be nice if you could somehow magically know ahead of time what the quality of your contractor’s work will be?

I gave him $1500 to get his guys insurance coverage so I could hire him -- today, he's done 6 projects for me, has made nearly $30K off me, and has saved me probably close to that same amount because he's so inexpensive.

I started this process in an effort to supplement my income, so I would not have to rely on someone else for a paycheck.

Thanks for the quick response Richard,I've actually been renting the place out for a couple years now and take full advantage off all my write-offs on my income tax.I just recently got a letter from the city that was titled "Notice of Possible Violation"...It's a notification that they are proposing a supplement to the city Rental Housing Provisions.

You might want to look at "builder's risk" that may give you better coverage.

I am looking to supplement my income so I can increase my RE portfolio over time and then eventually the American Dream...

Check their insurance coverage too.