Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

Use STR-specific insurance to protect both parties and automate operations with platforms like Airbnb, TurnoverBnB, and PriceLabs.Taxable income from the STR must be reported, but you can deduct related expenses like cleaning, utilities, and furnishings.

They are investors as well and have good contacts in most markets they sell properties in, insurance, property management, etc.

My mortgage increased earlier this year as my home owners insurance went up due to the company closing and my escrow didn’t have enough to make up the difference so I’m kind of pay check to pay check right now.

Same answer whether you borrowed against your residence or against your rental A or against your life insurance or from your family or from any other source. 

When I filed a claim, my insurance company denied it because the property was under rehab and not rented.

Each closing, whether multi-family or single family, is going to have some of the same costs: title insurance, attorney fees, inspection fees, appraisal fees, fees associated with financing, etc.

Rhino is an insurance program, and I do not recommend them.

CA has it's upsides and both states have insurance issues.

.: You don't need insurance or a deposit.