That's when it hit me.I believe that even though none of the properties these tenants were living in took damage from the storms, they applied for FEMA assistance anyway.

I also plan on applying my net rental income towards principal only payments to shorten the life of the loan.

Quote from @Sidra Amir: If the boat was there when the tenant applied, or it was at least disclosed to them that it would be there, then there's nothing you need to do.

Bids are applied in $100 increments.  

I have a three unit building, but one unit needs to be remodeled the other two have been renting out for the past few years.If I spend X on renovating this apartment to get it ready for rental will the cash on cash return apply ?

It's good to hear others are having success, but I would check if it works in your area before you spend the $150.I don't know if this would apply to you, but some folks think that FF works similarly to AirBnB or Vrbo where they will push resident requests to you.  

As a landlord, sometimes I have prospective tenants apply before they’ve set foot on the premises.

No matter where you choose to invest, please keep in mind the following (copy & paste):--------------------------------------------------------------------------------------Recommend 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 Class A property in Class D area, what quality of tenant will you get?

----------------------------Here's a quick breakdown of the eligible loan amounts based on an all-cash investment strategy, but the same applies if you have a mortgage on the property as well:• 0-6 Months (Delayed Purchase, no Rehab completed) - up to 80% of purchase price• 6+ Months (Cash-Out Refinance, no Rehab completed) - up to 75% of appraised value• 0-3 Months (Cash-out refi, Rehab completed) - 75% of appraised value [good rates]• 3-6 Months (Cash-out refi, Rehab completed) - 75% of appraised value [best rates]My one caveat is that a 1-4 unit residential property in Missouri is eligible for an 80% cash-out, albeit at a higher interest rate premium (8.625% @ 80% LTV vs. 6.875% @ 75% LTV today).

Have you considered refinancing your STR to pull out cash to apply to a purchase in/around UTK?