-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Save yourself the brain damage, clear it out, convert it back, discover a whole new class of tenant you can now get and enjoy the ride of eliminating 70% of the hassles this property delivers. 

Maybe they would/could take it upon themselves to pay for the repairs to the roof to salvage your unit and prevent further damage then they would go after the HOA to recoup costs.

We’re weighing whether to leverage our funds by putting 20-30% down and financing the rest, or to buy properties outright in cash and then pursue a cash-out refinance.I wasn’t previously aware that each person in a household can have up to 10 mortgages under their name.

I've collected thousands in security deposit from my guests who've caused damage.

So, make sure YOU understand the copy & paste info below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would love to maximize cash flow but also do not want to be left on an island if there is damage. 

The risk of property damage or a lawsuit from a dog bite is too high. 

If these type of damages occur in the future, I would recommend holding the tenants deposit, or if there is a claim to be made through the insurance you sell them you could approach that avenue.

It occurred to me today that I've never asked about umbrella insurance claims.I’m particularly interested in real-world examples where this type of policy came through during:Property damage (fires, storms, floods, etc.)Liability claims involving tenants or third partiesMajor unforeseen eventsIf you’ve ever had to file a claim and your umbrella policy saved your bacon, I’d love to hear:What happened?