In the past, the insuring of properties that the private market would not insure due to their inability to get reinsurance on it due to the risk of the property (hurricanes) necessitated the creation of state funded regional insurers.

Tenant turnover will also necessitate time needed for screening prospective tenants and showing the apartment. 

He was waiting on a loan modification that would lower his cost basis to $200k.

Losses arising from illegal acts will not be covered, if the insured was involved, if it was a tenant and without your knowledge, they will probably pay, at least they do here.One other thought, changing a property after the property was underwritten might be a problem, but again, I would not be concerned about a garage conversion, but if the modification would materially change the premium or the policy or increase the risks transferred to the company....you should notify your agent of any additions made for a determination.

After calling Fifth/Third bank almost daily for months I convinced one of them to give me realistic loan modification terms (you should've seen their opening offers) with the new job in mind. 

Some of these will be able to do loan modification, and many more will be able to sell because of low inventory and high demand.

They typically handle customer service, collections, loan modifications, and foreclosures.

That's just so I can make sure I don't get a tenant saying they told me of a repair verbally that they never told me about.)Who changes light bulbs, air filters, smoke detectors What happens if you put the place on the market-- how you give them notice to showClauses allowing you to enter to show or repair propertyClauses disallowing permanent modifications to propertyAlterations and improvementsNo wall paintingNo cabinet, house, crown molding, floor painting or modificationsNo remodeling or repairs by tenantCleanliness, kept in good orderTrash removal, city trash pickup rulesSnow removal and pest control-- who does it, who pays for itNo exterior projects on property, no satellite receiversNo exterior advertisements, signs, or projections (area rule)No outdoor storage sheds, interior furniture, debris, junkDelivery of premises, condition of premisesSecurity-- strictly responsibility of tenantCasualtyIndemnificationLiability for Loss and Damage-- damage or loss to person Abandonment with unpaid rentNo changing of locksRecreational facilities-- at own riskParking-- at own riskTenant Insurance-- strongly recommended at own costNo excessive guests or noise that disturbs quiet enjoyment of neighboring properties.

HelloTo yourself no, it would be a loan modification not a short sale.To a friend.

Plumbing repairs necessitated by tenant(s), family, guests or invitees, carelessness or neglect shall be at the expense of the tenant.