TheLoss of Rents is for the loss of Rental income if the tenants can not occupy the houseafter a covered loss.5.

I would suggest getting another full-time job for the time being and investing/doing STR on the side until you can fully and comfortably replace the income that you would be receiving from your job.Is your LTR in need of repair?

Not only do they not repay funds, they claim we owe them additional funding for renovations that never actually happen. 

Additionally, another neighbor who owns an adjacent parcel has expressed interest in joining the project, contributing their land to the development as well.I believe this could be a great opportunity for all of us, especially as a unique retirement plan for my family and my neighbors.

First, banks do not prefer W2 income over 1099 income at all.

Do you have other ways to decrease your expenses or increase your income aside from real estate? 

I am 80 years old and rely on investments for retirement income.

In addition I heard that is better having one LLC for each property and one for management only.

Any additional input would be great.

For example, require a minimum FICO score of XXX, gross monthly income X times the rent, and verifiable income for the last X years.