Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

What is the cost, and what does it cover?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

As our team has grown, it's become easier to cover responsibilities if someone quits, goes on vacation, or if we terminate employment, compared to when we had one or two homes. 

Have you called the housing authority that covers this property to confirm the max rent based on the # of beds?

[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.

Last, I would like to also say that if a company WERE to sue a BiggerPockets member for defamation in a forum thread, that I would be very interested in covering the situation as a news story.

Account Closed our world is trending to more & more "immediate gratification".Self-showings are the result of this and owners squeezing PMC's profits to nothing.Regarding the PMA, ours is pretty long to cover everything we can realistically think of - yet, many owners freak out about it and hire a PMC with a shorter contract.How would you be reacting right now if someone had broke into your property and stole these things?

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Who covers the tax bill when they don't pay the tax bill or the insurance?