If there is significant damage typically the insurance company does not cut a check until after the repairs are done - so in most instances if the house had $50k in damage the insurance company does not cut them a check without confirming the repairs were done.

If I ever am, I will accept the fact that I might not come out of it "made whole" - meaning I might lose some rent, there may be damage to the property that I cannot collect, I might have a vacancy, I might have to spend time and energy marketing, showing, and re-renting a property that should not have a vacancy.

I would advise that you get some additional info:- what type of damage (wind, flood, fire, etc.)- what coverage do they have      is there coverage for flood?

From this point, unless the buyer and seller can agree, then there is an option for the buyer to seek specific damages from the seller (sections 15/16 in the FAR-BAR "AS-IS" contract).

In this case, I would incur that overage as a turnover cost.Obviously if there are large damages or larger jobs, I would deduct from the deposit.  

They have as of yet been unable to get to the property to assess the damage.  

Life changes sometimes happen and that's when you've got to change into damage-control mode and leave the emotions behind with the sole goal of getting them out asap.

Not to sound too callous but any property not damaged is going to be going for a premium very soon.

One of his rental homes flooded, and she threatened to sue him if he set foot on the property.I just assumed that standard landlord law gave him the right to enter a property to do emergency repairs or damage mitigation, but this lady is really freaking out and says she has a friend who is a lawyer who swears up and down he cannot enter the property without her permission.Any words of wisdom?

Failure to follow these rules can result in double or treble damages in some areas.