I would definitely consult your Homeowner's Insurance policy as most policies will exclude coverage with injuries from specific breeds of dog.

I agree, you should consider selling it and you can potentially exclude paying tax on the sale if the property was a personal residence.Furthermore, you have a lot of equity in the house that you likely want to free up that can get you a higher return elsewhere.

Everything else is insured, but that issue is excluded. 

Also, if the house was his primary residence, he might have excluded large gain  ( 500k if married). 

I use a move-in sheet where the tenant can identify any existing damage to the unit so during move out those items are excluded for repairs beyond normal wear and tear.  

(excluding personal residence).6. 

If your gains when you sell at 300k $200k will be excluded under 121 exemption $100k will be taxable sine it wasn't your primary, you made it a separate income producing business asset

In other words, Fannie prefers to see that the investor owns less than 25% of the homes.Other lenders will often exclude the incremental rent from renting the home above the base pad rent.

Another requirement is that you need to "substantially improve" the property by doubling your basis (excluding the basis of the land) through capital improvements within 30 months.

@Michael ElfantIf you already have a home that you want to move into, I would look into selling the property and taking advantage of the exclusion.You would be eligible to exclude $237,000 of gain.That is tax savings of about $57,000 if you factor in federal capital gains tax rate + NJ State taxes.