If there is a lawsuit or claim, the claimant's attorney, as well as the claimant's insurance (such as the insurance provided by Airbnb/VRBO), will look to prove and demonstrate your liability in the loss.

This is an important status for people to go for since it allows you to write off losses from rental activities on your other active income. 

Who is responsible for risk of loss during the renovation and management period?

Owner shall not hold the Agentliable for any willful neglect, abuse or damage to the Premises by tenants or vandals or others nor for loss of or damage to anypersonal property of the Owner or any tenant including loss due to exchange or theft by tenants or any third party.

If I was trying to live off my stocks, do I take $20k less out this year if it doesn’t recover?

What do the local codes say about a rebuild for an existing non-conforming parcel with a greater than 50% loss?

Yup not real.. if there is any substance to it.. its just a loss leader to hook you  plane and simple.

Who is on the insurance, who gets to decide when to sell, when to cut your losses?

If i decide to leave the team how would they recover?

.- I underwrote these projects only using annualized revenue (rent increase with some extra vacancy loss in year 1 x total units x 12 months) / total project cost- For projects I know were successful, I'm seeing a larger increase in NOI than expected so shifting to a yield on cost metric that's market adjusted NOI growth / total project cost.- I'm seeing a lot of volatility on these and can't land on what metric to use.