The warranty company takes its time accessing the situation, and then they tell you there is a deductible; they will only cover so much; you need to use their preferred company, and it will take three weeks.

After a year you finance, it gets into BRR situation that is no money from your pocket as equity takes care of downpayment and you own the building.

I think you should seriously consider your financial goals and strategies.

Umbrella insurance is usually a very large policy of $1 million or more, extending your coverage for larger situations.

It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Stessa brings accounting, tenant screening, financial reporting and more into a single integrated platform built for investors, by investors.

I work full time at a decent job, but have quickly learned that I needed to make some changes in my families life by securing our financial future. 

If your current lender can’t accommodate you, explore STR-focused lenders like Host Financial or Lima One Capital, or consider bridge loans to buy time while you build your rental history.

Hello, my husband and I are currently in the same situation as you when you posted this and I was wondering if you ended up using a heloc to fund your new build?