If the place burns down, renters insurance won't cover squat.  

If something like that happens and they burn the place down would that be considered terrorism or just regular arson?

It's such an emotional rollercoaster - not one that I will get off until the fat lady sings but I thought some stories from BPers who thought their deals were dead - when ultimately they weren't - would help me ride out the emotional wave.Thanks in advance for sharing!

Unfortunately, I got burned a bit.  

If one of those properties turned into a buy and hold situation that's ok as well, but my thinking is to turn and burn as quickly as possible for the first year or two.

It will always be less of a headache to buy than build, and your money will probably be vastly better served in more property than burned adding on to current structures.

Welcome @Douglas Burns !

Regular inspections should be part of your normal operating procedure to catch things before they get this bad.Some things to look for when a tenant's electricity turned off.... top of the list are the fire hazards: burning candles for light, using outdoor grills inside for cooking, burning wood for heat, getting electricity from neighbors via extension cords.  

The burning question I have at the moment to you             S Corp(ers) is...

We ended up selling it to an investor in Australia, who didn't have a clue how to manage properties in Detroit and therefore, our once nice homes are now destroyed, burned down, abandoned, and an eye sore.