The furniture in the unit is ours, so we are responsible for that.We do get a separate lessee insurance policy on the furniture and such that we've placed in the condo, and we require our sub-lessees to get a policy as well.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

When switching over insurance,do I provide the lender with a STR/Landlord policy or do I purchase regular home insurance to send to lender and STR/ Landlord policy for my protection.

Nowadays, you need to work backwards:Start with your target ROIFigure out what the likely rent will beDeduct taxes, insurance, maintenance, vacancy, etc.Using what's left, determine what mortgage payment can be supported to reach your ROIFigure out, given current rates, what the P&I mortgage payment => mortgage amountAdd your 20-25% down paymentTHAT IS THE NUMBER YOU OFFER!

I would also recommend ensuring you have a title company do thorough title due diligence and get title insurance. 

Deposit Insurance Concerns: In many countries, bank deposits are insured up to a certain limit by governmental agencies.

They are covering cost of insurance, taxes, utilities and all medical expenses which are rapidly draining their available funds.

Hi BP Community,I’m a house flipper in the Oakland / SanFrancisco area, and I’m seeking recommendations for insurance agents who can assist with securing builder’s risk insurance.

We pay about $1700 for mortgage, insurance, utilities ect.  

I have a big garage that has electricity and plumbing already and has a second floor.