I have a $500 deductible and a vacancy policy.

Rates have risen greatly and many insurance companies refuse to write new policies in the state.

My policy is to NOT settle claims.

It sounds like you dont have a late fee policy that you can enforce in your existing lease. if I were you I would let them know very soon that either you will not be renewing the lease, or the new lease will include an increase/significant late fee.

DavidI am a newbie who creatively financed ---my home (with equity)land (zero interest note)property taxes (yes a reduction)and an office property (with equity) all within three years; thanks to God, and helpful folks, and the advice I got here and elsewhere.

So, there is zero risk of a bank run resulting the your friend's mortgage getting called.

keith, i did what your talking about...i was able to buy 3 three family properties this year...it is working out because i bought for cash flow...my equity in my own home was not working for me at allbut it all depends on your risk tolerance...make sure your #'s work...for example my numbers: i make over $1500/month per property i bought this year...if i could buy more i would but right now ive used all my equity up to 75% on my primary home...landlording is not easy either, just get ready for the roaches, bedbugs, overflowing toilets, fights between tenants, trash, etc...even w/ all of that its still worth it imo...good luck....bg

When you purchase a policy, though, make sure it not only covers the investment directly involved, but the value of all your other assets as well.

From there this guy had zero idea what he was doing.

My policy: some parameters have to reach certain points before I buy.b.