In fact, add "Right of first refusal" in the mortgage language..

Not all laundry vendors use the same format, language and clauses so don't assume one lease is like another.

Whether or not your existing policy would provide coverage may depend on:1. type of policy2. are you charging for the rental3. are you renting to a non-tenantIf it is covered, you need to work out waivers and contract language with your attorney. 

If it’s owner occupied vs non owner occupied that will make a huge difference in the docs as well will have more documentation such as personal guarantee, assignment of rents and leases along with confession of judgment language in the docs.

I am a semi-retired Speech-Language Pathologist-turned-REALTOR® and have never looked back!

Below is a podcast I was featured on that I hoped would be a more advanced than normal explanation of STR considerations in general as well as specifically for the San Antonio market...I hope its helpful to hear someone talking investor language on this!

I find insurance agents have a language all their own and the policies and terms are terribly inconsistent.

However they couldnt get the language quite right before the March deadline.

That’s not to say that many residential loan docs don’t contain this language anyway.

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