What is the worst thing that could happen?"

@Brandon Gale other than a destructive guest, this is the worst part of hosting.I've devised a guest feedback system ("Review Intercept") that I'd be happy to show you.The concept is to intercept reviews by surveying guests upon check-out.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

I would then need to bring $85,000 + closing fees to closing which seems like the worst case scenario Is there an option I'm missing???

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

Be prepared to go though an eviction as a worst case scenario

Additionally, how should I work with my insurance company/police/contractors to prepare for the worst?

For stuff you’ll be doing add that in too.. better to have worst case then over budget and no money left over to finish..Good luck with the remodel...

We have it under contract $30-50/SF under recent single family comps, so worst case we convert it back at exit and still cash flow in the meantime as a rental.