Whether or not you put in a claim or not, you should deal with a professional who knows how to handle mold removal.The first question I would ask of your agent is, does the company's guidelines allow them to non-renew this policy at renewal. 

Dad is still considering going after squatter in small claims for back rent, back utilities, damage to home, etc.

You file insurance claim and get bids and get it done...you never have to be here. 

At minimum, it should protect you for any recorded liens (tax, water bills) and bogus claims to ownership (aunt Sally coming out of the woodwork to claim ownership).

@Basit Siddiqi many people on here have STR, or claim themselves as self employed investors, or expense on a schedule C, or they have LLC/SCorp etc.

Usually title issues as passed on by quit claim deeds2.

The only thing you lose is mortgage interest decoction, but if your business is profitable, you can claim the 20% pass through tax deduction. it is about a wash on taxes, but you are not stuck paying all that interest.

You are able to claim this tax credit retroactively for properties that you have built or remodeled within the past three years.

You can get seller financing, do lease options, sandwich lease options, quit claim, money partners, equity partners and even partner with the seller. 

Depreciation Recapture Tax = Total depreciation claimed on all tax returns for that property x current individual income tax rate (which is NOT increased due to the sale of the property)..