Should the said work not be completed within the time herein above stated, it is understood and agreed that there will be deducted from the final payment the sum of five hundred dollars ($500) per day as liquidated damages, but not as a penalty, for each day's delay after the expiration of such period and until the final completion of the work and its acceptance by CKCC.

But I do know that most mortgage agreements state that you must hold 1 year coverage that is at least X amount with Y deductible blah blah blah. 

Even *after* tax, under-rented, and not yet understanding that I could take depreciation as a deduction, I was netting $12k/yr, about a 5% cap rate.

Regards,Levi

Calculate the actual costs and deduct from gross income it'll give you a better idea. 

My deductible is $1000, so depending on what the issue is I am glad I built up the $10,000 reserve!  

If she does the bank may come after her for the difference between what she still owed and what they got for the property after deducting all of the legal fees.  

Do I understand correctly that one can deduct that portion of your home's property taxes as a business expense that is used for your business?

When I've built up enough equity either by paying down the loan or the value has risen sufficiently I've done cash out refi's to buy properties whole while also trying to keep down the monthly payments and taking advantage of the tax deduction.

Tough to answer but to help make your own determination; the tax "benefit" to RE is basically, thumbnail calculated, your depreciation deduction is basically 3% of your purchase price per year.