Hi all,First time investor and am under contract on a 4plex. During inspection, it was learned that there was  a fire at some point in basement. Floor boards were severely charred and inspector worries there could be ...

If you discover one that sounds potentially relevant, and you have not explored it - see if you can still get hold of your accountant before 12/31 and ask them.

But, yes, it sounds like simply looking at your numbers and determining whether or not you can absorb a salary is the time to consider it. 

If this is simply you not wanting to accept partial payments and the rent is current, stop accepting it - and send a Lease Violation/Notice of Quit for Non-Payment of Rent - and force the full rent to be paid per the lease or start eviction.  

I think it’s a more recent consideration (maybe in the past decade or so based on my digging / anecdotal feedback) and perhaps some of you that have been in the business longer and simply renewing old policies may be getting a pass.  

Example, buying a vacant lot from a neighbor and simply explaining that someone else will be on the contract in a few days is not easy.

I do an AI for REI seminar and just discovered a new tool I'll likely test out soon. 

I'm not sure if they can realistically pass that liability off to you simply by stating it in their contract.

If you own (2) properties free and clear you could simply do a cash out refinance. 

My goal of refinancing was simply lowering our monthly spending to reallocate towards future investments.