I’ve done many flips and always had the correct insurance, so this foolish oversight proved costly.The Silver Linings:My Contractor: My contractor went above and beyond.

You are exactly correct that every project always has a wrinkle that costs more and takes more time. 

@Steve Powers is correct that these were mostly originated as owner occupied loans.

If I understand you correctly, you got the eviction by the court.

It is a good course.Doing PML correctly is a lot of work but can be very profitable if done well.

I think your correct though folks have to adjust to the new normal and the interest rates they are not coming down like folks hoped for I think we are in for a run of years were rates will be more like the 2000s  6 to 7% and Owner occ in the 5s with Maybe some high 4s. but by the time folks wait for that prices will rise in the better markets.

All lights were green and there was a pileup, leaving behind a mess of twisted metal and broken glass, and a few personal injuries to boot.The syndicator crowd coined the phrase "survive until '25" under the hope that by 2025 interest rates would correct and their deals would be fine. 

But from your post it seems all that may not be correct.

Fl is going to correct, big time, this is unsustainable.  

Are there specific steps or systems you follow to ensure it’s done correctly?