Given that he's got a long history in business but is struggling to cover $30k in Op-ex and marketing spend, my guess is that this is either not very well managed or is in distress.

We didn't expect the fact that insurance should cover short term rentals but raises a red flag for lending during the 30-60 day period after closing where they make sure you're not using the home as a rental.

I thought about offering a credit towards the utilities and having the tenant cover whatever the remaining monthly utility bill would be as an incentive to hopefully rent this property faster, any thoughts or recommendations on this?

I contacted State Auto, and they initially said that foundation issues were covered and provided terms and conditions for that.

Essentially, each property owner has two accounts, one in USD for rental income, property management transactions, and commission paid to me, now the other account is in a foreign currency and deals mostly with the rental expenses and transfers from their USD account to cover these expenses.Any suggestions would be greatly appreciated!

I am an investor centric real estate broker covering the Chicago suburbs. 

Happy to help if you're interested in traveling up 71 N about 2-4 hrs to the coast of Lake Erie, CLE has you covered with a vertically integrated built in team.  

Are you covering costs/making a buck right now? 

They then cover any damage lack of rent payment.

All told, the GP is making $337,500 just to arrange the deal (not including their reimbursement of any out of pocket costs they have already covered: due diligence costs, broker costs if they are paying anyone to bring them deals, legal setup costs, etc).