The Falkner Gallery is helping Portland, but the incident there last year really set the neighborhood back, in my opinion, reinforcing those old native opinions that Portland really wasn't that much better than their West End neighbors.Add in the responses above of how tough the S8 inspectors are now here and it really makes it tough to consider investing anywhere in the West End, even if the numbers presumably "work".

Particularly you need the Builder's Risk Insurance in case there is an incident during the construction process.You can ask your contractor what insurance they carry and require of you the owner to possess, and also ask a local insurance broker what they see others doing in purchasing a home in cash.

The property is Section 8 and the most recent incident involved the PMs getting me a vague list of needed repairs from the annual Section 8 inspection with less than a week to act on it (later, I got the exact list of the needed repairs and most of them were tenant-caused).

Maintaining 2 houses now is fine but over time you will face larger construction issues and not just from major incidents but from normal use.

I explained to him before signing the agreement that I will have to place a lock box on the house as my partners and I will have to get in and out on to get estimates, photos, ect.He wanted me to sign a release of liability for that release him of all incidents that may occur to me while inside the home.

I really hope everything has been resolved and I won't be dealing with any backlash from this incident post-closing.2.

I have a friend with a mobile home park that was sued several times for a shock incident with a  service connection and a child.

There is a lot of federal, state, and local funding that is pouring into that area given the riot incident that happened last year.

I would think that the liability from a food poisoning incident would then put your properties at risk for judgment collection or a slip and fall at the rental would put the restaurants up for grabs, but as I said, I'm no lawyer.As always, the best advice is to sit down with a highly knowledgeable real estate focused CPA to work through your particular scenario, your future plans and goals and then work out a tax plan.  

You also want some liability insurance ($1 million of coverage per incident, at least)Stated Value coverage is where you and the insurer agree that a property is worth $X, and that is the basis of your premium.