Second, he may have carried General Liability, but if he was in financial trouble it may have lapsed.

This put the time lapse for grass cutting in the Owner's hands. 

The one thing I need to add is a penalty if the tenant lets their utility bill lapse causing the utility to revert it back to me.

The only way I can think of is if you are purchasing a multi family- lets say a four plex and you keep one unit -open- unrented for you until the required time period has lapsed. 

We were thinking contract has to lapse then we can sell?

I really like the time lapse shot of Vegas over time, it really puts it into perspective. 

Some unexpected situation occurred this week in one of my rental properties in Tucson, AZ.I was about to file a claim for the house restoration (leaking / flooding issues) only to discover I had a lapse on my home owner insurance.

http://www.powertochoose.org/ is a great resource.Hi Jaz.Even if you’re amazing at scheduled reminders, staying on top of 3 month intervals & doing the sit downs (research) is time consuming and you’ll likely let your energy plans lapse.

I didn't do this on my first one, and its been a pain because the buyer's insurance lapsed. 

He was however helpful and walked around with me giving me pointers and gave me some rec's for subs to use.The third GC was interested in the job and gave me a reasonable estimate which I was ready to take, however I later learned that he let his insurance lapse so he was essentially an uninsured licensed GC - NOT what I am looking for.