You operate a trade/business - then you have all deductions AND an obligation to issue 1099sB.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Minimum of two completed stays.You have probably heard that rental property deductions, such as depreciation, start when the property is placed in service.

Also, the interest on your HELOC will not be tax deductible.

An expense is relax deductible.

They analyze components such as cash flow, principal paydown, appreciation (both home and renovation), initial equity, depreciation, and interest deductions for tax savings, giving you a clear picture of individual gains and ROI over 30 years.

I was told I can pay $3k to remove the part of the tree that's hanging over the garage (in addition to the $3k deductible I'm already paying) or I can take the next door neighbor to civil court because the tree over the garage is actually dangerous to the tenant who lives there. 

Also, not all labor is immediately deductible.

Aside from filing a police report, your insurance should cover your damages less the deductible, and will abrogate damages against their renter's insurance if they have it. 

Our portion out-of-pocket was the $3K deductible.