We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Consider yourself fortunate that your property is still covered by your insurance carrier.

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

Unless they cover this somehow in their contract, this is illegal.Hope this helps!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Second Lien Position – A first lien position is safer, but $110K may not always cover the full loan amount for a flip.

Partner Driven fully funded the transaction, covering the $17,000 purchase price.

Your homeowner policy may cover minor repair work but probably not a large construction project. 

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.

The best option would likely be a construction loan, which can cover both the purchase of the land and the build.