I was a build manager and contractor in Hoboken for years, now a home inspector.

many houses in the midwest, for example, are very old and need major rehabs.i personally think out of state investing is more difficult than advertised, and much more difficult in the current investing environment, with: prices high; interest rates high; tremendous demand for inventory, by both investors and retail buyers; and good PMs, contractors, etc. booked up.here's a really thoughtful thread with the experience of another CA investor and lots of different responses:https://www.biggerpockets.com/forums/12/topics/1215726-break...and here are some threads about how it can very easily go wrong:https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...finally, you also said you "don't have a lot of money to start with." 

I would think that a notice with the addresses and legals of the two properties, including index numbers and such, attaching a certified copy of the name change order to each notice, should be sufficient if recorded against each property. 

@Marc Shin The contractor didnt finish to your satisfaction ? 

Having a solid team around you like agent, lender, contractors etc.

When I was tracking my hours, I used WhatsApp to communicate with my property manager, contractors, and guests—it timestamped every conversation and became my built-in log for documentation.

They partnered with an experienced realtor who handled most of the contractor coordination while they focused on financing and design decisions..

How did you find your general contractors in Philly and Baltimore? 

However, exploring out of state markets could offer stronger cash flow upfront, so it’s worth evaluating both paths.A piece of advice would be to focus on building your core 4  team: agent, lender, contractor, and property manager.

So if your replacement cost valuation on the policy is not high enough to actually rebuild the property (oftentimes this is the situation when contractors are charging premiums because they are so busy with other losses), and unless you are personally willing to pay the shortfall to rebuild the property, the insurer will only pay you the depreciated (ACV) for your loss.