A PA will help you understand your options and your rights as outlined in your policy, and to help you be sure that they're being acknowledge by your insurance company.

Maybe think about a legal agreement outlining all these “what ifs.”Overall, it’s not a terrible idea (not something I would likely do as it could go sideways though), especially if you’re confident in the property’s potential.

You'll want to ensure that the lease clearly outlines the terms and responsibilities, including occupancy limits and any necessary modifications to the property.

I'll start by outlining what a cost seg is.

You will also want to draft a comprehensive lease agreement that outlines terms such as rent amount, due dates, security deposit, maintenance responsibilities, and any house rules.

I even outlined the spot in orange spray paint.

Hopefully that didn't take to long to create but I think I'm tracking you.Basically the outline of this method is if you are purchasing a property with cash. 

@Hai Loci'm contemplating something similar; i can get 80% LTV. i bring in a cash partner for the downpayment on an investment property we turn into a vacation rental.let's say the pp is 100k.1. partner puts in 20k (and has this as lien on mortgage)2. i manage the vacation rental over the summer.3. we split cash flow (with property management fee considered).4. then we split equity  .is this essentially what you're outlining above?

Thank you for sharing the numbers, as I'm sure a lot of investors will have a lot of different ideas for you based on the outline you provide. 

Per the Participation Agreement all insureds sign, we are a monthly reporting program and are required to provide a 30-day notice outlining any coverage or cost changes, which was sent via email.