I would agree that the likelihood of having any lawsuit go against you for more than a million is very small, but the coverage benefit is just to cheap to skip.  

In 6 months it won’t make a difference - perfect example of this business being the “long game”. 

A preforeclosure period of 120 days is required before a lender can enter foreclosure for lack of payment. 

I recommend teaching him basic construction and property inspection (4-point items); 'lipstick on a pig' can kill an investment and reputation faster than anything in this business.Best...

@Matthew Kwan I believe it depends on the type of loan.

What made you interested in investing in this type of deal?

You have a lot of life changes coming up, and seems like you weren’t motivated as LL to begin with.

To make the most of your time here, explore the forums, listen to the BiggerPockets podcast, and take advantage of the educational resources and blog posts.

After collecting tenant pass-throughs for the year, do you pay the property taxes at the end of the year or the beginning of the next year?

Get out of your comfort zone.