I appreciate it.Aside from the option to be added as 'additional insured' they have the option to purchase a  "ProtectionPlus Bundle' from Surevestor, which includes several things like protection against eviction costs, wilful damage to property, over a $1 Million third party liability protection, loss of rent protection for 25 weeks etc.This is $50/month.

Here’s the context:The house appears vacant, with a large tree that has fallen on the property.From what I can see, the house seems full of furniture and might even be a hoarder home.I’ve skip-traced the property and found that the owner has unfortunately passed away.The house seems to be mortgage-free, and I’ve identified three phone numbers associated with the son, who I believe is the heir.I’d like to reach out to the son to express my interest in purchasing the property, but I want to ensure I do so respectfully while also gathering the right information.Here are my questions:What’s the best way to approach the heir while showing my condolences for their loss?

Loss of rental income is only covered if it is listed in your policy.  

Quote from @Christian Pichardo: Quote from @Caleb Brown: Should you cut your losses and move on?

Let the tenant vacate, and you have one month to find a replacement before you incur any losses.

If they didn’t have replacement cost, what should they do to capture value and get a loss writeoff?

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

I recognize there are other ways I could invest this cash (including another property) but I am being mindful of levering myself out too much in the current environment where job losses are more common in my industry (tech).

Then you can determine if you made a profit, loss or broke even.Determining your sales price can only be determined by the market. 

Repairing to sell might recoup some costs, but given the market and your limited funds, selling “as-is” is likely the best option to minimize further losses.