Great questions – and I love that you're fired up about finding distressed apartment deals!

Some carriers offer loss assessment insurance, which can come into play when the HOA experiences a large covered insurance loss, such as a hail storm requiring roof replacement or a fire requiring building replacement.  

Common utilities paid by the landlord will be similar if not the same; standard services (extermination, changing filters, snow removal, fire safety inspections etc.) will cost the same.

You see what's going on in Forest Hills??

Any amount over your adjusted basis in the property (initial cost minus depreciation) could be subject to capital gains tax unless you reinvest it strategically.2. 1033 Exchange (Involuntary Conversion): A 1033 exchange (involuntary conversion) is specifically designed for situations like fire, natural disasters, or eminent domain.

For a flip, you'll want to get a builder's risk policy, which covers the property during renovations, including any damage from fire, vandalism, or weather while it's vacant.

The value you lost in the fire is offset by the insurance payout and you have gained $0.

I'm considering making this property into more of a mid term rental as an interim spot for people that may have experienced a flood, fire or are moving or renovating and need an interim space. 

Keeping a reliable handyman and contractor as he was paid hourly and ended up having to fire him because he was taking advantage of that time.

Optimally, the lawyer or the firm should be familiar with public infrastructure that developers are typically asked to pay for, such as road widening, turning lanes, new roads, sanitary sewer extensions, new water and electric extensions, fire hydrants, etc.