When I was tracking my hours, I used WhatsApp to communicate with my property manager, contractors, and guests—it timestamped every conversation and became my built-in log for documentation.

So if your replacement cost valuation on the policy is not high enough to actually rebuild the property (oftentimes this is the situation when contractors are charging premiums because they are so busy with other losses), and unless you are personally willing to pay the shortfall to rebuild the property, the insurer will only pay you the depreciated (ACV) for your loss.

If you ever have any questions feel free to reach out I enjoy helping BP member's avoid lost time or money.  

I’m looking to expand my network and would love to connect with investors, contractors, agents, appraisers, or anyone who is passionate about real estate.Let’s connect!

many houses in the midwest, for example, are very old and need major rehabs.i personally think out of state investing is more difficult than advertised, and much more difficult in the current investing environment, with: prices high; interest rates high; tremendous demand for inventory, by both investors and retail buyers; and good PMs, contractors, etc. booked up.here's a really thoughtful thread with the experience of another CA investor and lots of different responses:https://www.biggerpockets.com/forums/12/topics/1215726-break...and here are some threads about how it can very easily go wrong:https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...finally, you also said you "don't have a lot of money to start with." 

I have enjoyed it so far- it has helped us improve our email automations, lead magnets, and my investor on-boarding process.

Having a solid team around you like agent, lender, contractors etc.

They will be more focused on finding a buyer for a deal vs what date the DD ends and EMD is owed to the seller and most likely not be cancelling the contract or extending the DD to protect the lenders EMD funds. 

They partnered with an experienced realtor who handled most of the contractor coordination while they focused on financing and design decisions..

However, exploring out of state markets could offer stronger cash flow upfront, so it’s worth evaluating both paths.A piece of advice would be to focus on building your core 4  team: agent, lender, contractor, and property manager.