So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

I have home owners insurance should i buy another landlords policy as well?

Make sure you talk with your insurance company on what you would need to faciliate these types of amenities in your rental.

- Why didn't the contractor's insurance cover this?

Let's assume your expenses (mortgage, taxes, insurance, maintenance, vacancy, etc.) comes to a clean $600 and the property rents for $1,000.

., We were over a decade without insurance, and when I refinanced and insurance was needed, I had no trouble getting insurance in place.  

A lot of sellers are panicking, thinking the market’s going to crash, but they don’t really understand what’s happening behind the scenes—demand is still strong, people are still moving to Florida, and that creates opportunities.I own 32 properties, and I’m always tracking values—rents, insurance, taxes, all of it.

If they did, the previous manager is obligated to transfer those funds.

Living in one unit and renting out the others allows you to deduct 75% of expenses like mortgage interest, property taxes, insurance, and shared repairs as rental expenses, while the remaining 25% applies to personal use.

Get 3 bids from contractors, get a copy of their insurance etc.- verify the policy is current. 2.