.) - I NEED HELP or this thing is going up in flames.

For my age, 59, having cash equal to debt is reasonable.In my later 30's it was 90% debt.Before that it was upside down.Probably should have levered more but watched too many go up in flames in my lifetime.

(unless they STILL go down in flames after all) So I'm mailing to 60 days late in my county with loan balances of $300,000 or more.

For better or worse, your "betting" only inflames the poor perception of agents or perhaps reinforces realty. 

And there was nothing about it being free but when a lit match burns near dry brush, the entire forest will go up in flames.

>>>>What @James Wise said<<<< Get a GOOD Licenced Electrician in there ASAP...And some of those old houses have no fire stops inside the walls, meaning they go up in flames very, very quickly.Make sure the electrician "Pulls the needed Permits" and is licenced and has good references.

This included a house going up in flames, a nightmare of an insurance claim and then eventually a 1031 exchange into a dream-of-a-student-rental house.

Self insuring sounds nice until the tenant calls to tell you the house is engulfed in flames. 

There are those flights that end in flames and debris but the actual percentage is very small.

There are limits in place, mostly I think to prevent many old houses from suddenly going up in flames, but you are not limited to the amount necessary to pay of your note unless you rebuild.