@Ned Carey  thanks for tagging me.Mello Roos  oh that brings back memories I did the very first Mello roos bond act in Nevada county CA which is right up the road from where this lady hails from.Mello Roos is a utlitiy bond that is buried in your advalorum tax bill.. so you can't wipe it out its property tax.. the Mello bond is used to buy public utls from developers..

I hail from Boston, MA but love traveling the world in my free time and participating in international development activities.  

Since I am only a year into the property, I have just under 1000$ in the maintenance fund.Currently, I have a leak in a 20+ yr old roof (not a direct result of hail or super extreme winds) over my tenants side, and going up on the roof, there is a lot of decking that is spongy and seems like it has been letting water in for some time. 

-building/dwelling coverage 250k -other structures 25k-loss of use 50k-liability 300k-wind/hail included-building/dwelling replacement cost included -deductible 1000, 2500, or 5000 (changes cost)cost for 5000 deductible is 121.17/month or 1454.04 annually -Is this any good, is there something I should be looking out for? 

My concern is that a newer investor may risk their earnest money or may be on the hook on a deal (liquidiated damages up to 3% max on CAR RPA's) because they passed their contingencies or other while being lead to believe they could have qualified.Its like banking on a hail mary...As for FHA second use, the above sounds all woo woo and easy but I just did one of these recently and the underwriter wanted 25% equity on the vacating property (first FHA property) in order to qualify at "all," using one of the four exceptions for a 2nd FHA loan ( 1) larger family, 2)separation/divorce, 3) cosignor, 4) relocation because of employment).

However they do provide utility in that the city is prone to hail the size of golf ball, so having these do protect the windows from cracking (I suppose...).

@David Luu I'm not interested in living in cold-weather US states where there are hail, snow, ice, tornadoes, hurricanes, 100F daily weather, or subzero winters.

If the property values in your market soften, if the tenant moves in and destroys it, fire, earthquakes, floods, hail, hurricane, another lock down requires you to keep a non-paying tenant - honestly anything - and my position in the property is at jeopardy.

It will cover the structure from fire, wind/hail, etc.

Hailing from the northern Virginia area.