I would recommend getting a free cost/benefit analysis to see if you specifically could benefit from the study.Real Estate Professional Status

All situations are specific to individuals.Our best wishes and empathy go out to those LA individuals and communities.It’s been about 6 years since one of our storage locations was flooded for about 4 months.  2 feet over the roof.  

These were not specifically related to owning rental properties but the clients' assets (including any owned property) was better protected due to having umbrella coverage.  

Key points include:Security Deposits: In Indiana, there’s no legal cap on security deposits, but you must return the deposit (minus any valid deductions) within 45 days of the tenant vacating the property.Evictions: Follow the formal process carefully.

I the understand the wiring for this specific purpose equipment can be considered with the tangible property. 

Figure out market rents, deduct expenses to determine NOI, deduct cashflow you want, plug remainder into mortgage calc at current interest rate, then add lender's required down payment.That is how much you offer!

@Vidit Maini You might want to be more specific regarding what type, if business you want to start.

Is there a specific document that I will need?

Solar has an energy credit and Starlink is deductible as business expense. 

Yes, you can deduct the 8 days rent from the security deposit.