This should be treated as a repair expense for the property.In both scenarios, you should maintain detailed records of the insurance claim, including receipts, invoices, and any correspondence with the insurance company.

Hi All,I have signed a purchase and sales agreement for Bank Owned property and my rate with bank is locked and got expired on 10/16/2015.For extending the locking rate mortgage company is asking $140 for week and I am ready to close the deal but bank is saying "Trustee of Condo Association" is not giving them 6D certificate because trustee (2 unit condo, I am buying 1 unit and the other unit owner is trustee) is not ready to sign Master Insurance policy because he is claiming that he paid master insurance for last 1 year and wants to get paid before signing any document.Generally master insurance in that area costs around $1000.00 but he is saying that his master insurance policy costs him $4400.00 because previous owner claimed too many accidents on property.He is also not willing to share insurance policy and invoice with bank (he is sending all invoices for master insurance by himself and not ready to share actual invoices from insurance company) and bank wants to pay him on actual invoice and not invoice made by him.

They usually give a credit based on the past usage history and the invoice you paid to have the issue fixed.Hard situation, my best advice is make the tenant pay all utlility bills so your not involved in these issues besides providing the plumber/repairs to the unit.Hope this helps a little

I am send the information over to the book keeper that is preparing P&L and Balance sheets for my CPA...It seems that I am still doing a lot of the work myself, from tenant set up to paying invoices to having to clarify what expense went to which property.

Returned with an invoice of damages to XYZ address is pretty common.

You want to recover your costs and you don't have the data/ability to invoice them or otherwise have them pay the actual amount.I'd explore costs to get them separated, otherwise you will always struggle with which unit is causing the high usage.  

So at the end, it cost me $2500 of deductible, I chose to replace the roof and submit contractor invoice (estimated value $13000, yeah, good roof companies know how to run their business). 

Not on a daily level but weekly and monthly for sure.I took over a 108 unit apartment complex after a management company neglected to pay $50K in invoices to contractors.

Most banks will lend 75% of the repairs as well as the purchase, they just keep the repair funds in escrow and require invoices and what not to get it released.

We receive the invoice sign off on it once it is complete and then send it to you for payment directly to the contractor.