I'm sure some policies have all kinds of language in them, but if it guarantees me full replacement that is what I would expect otherwise my granite counters would be replaced with laminate and my tile and hardwood replaced with vinyl and the cheapest carpet.

Interest rates:  I don't really care where interest rates go--I just want to have some way to figure out where they are going. 

Then you can start to figure out the best course of action.

Now, you need to figure out how to find deals and pay for them.

investors can figure on 10 to 12% return on PMLs   generally they are short term 6 months to 18 months.. in my 40 plus years at PML I find most investors started as landlords then tire of it and start to diversify.

Sure would like to see figures, even ballpark ones.

I think you'll be hard pressed to get an ARV of $140k IMO...I'd expect something around $115k or lower.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

In short, the market defines a bedroom as well as other considerations listed above.As a practical matter a bedroom should probably have a closet since most buyers expect one, but techni- cally the International Residential Code does NOT mandate a bedroom to have a closet.