We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Rufo, so you are violating the HOA rules so I don't think they would cover anything if it is the fault of your guests.This will eventually catch up with you and could result in some big fines so maybe think of selling this or converting to a LTR instead.

Flood insurance is expensive and will be more expensive in the future, as they try to raise premiums to cover the claims. 

Kids are out of the houseand college is covered.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

You would  then alert your insurance to it and it will go up but you would be covered. 

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

The sale proceeds likely won't fully cover my loan.I have a few questions: What documents will I need to complete the buyout of the first lender?

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

That said, if your insurance doesn't cover certain breeds, then you need to deny those breeds - until the law is changed or you find a different insurance provider who will cover them.There is definitely a law about dog bites, though.