So if something happened it would be charged to the insurance they already paid for.I have made rare claims against the security deposit for damage and got it with no problems.

In case of an insured claim, the PM's name does not go on the insurance check.

However, last year's taxes got me looking at how to reduce my tax burden for 2021, specifically by purchasing a truck for only rental property use and using the Section 179 deduction.Here's my question: shouldn't I be able to claim my rental income as business income?

You could pool acreage with neighbors, but from a development standpoint I'd advise my solar clients to be wary of leasing surface over an actively mined mineral claim.

@Michael PlanteIn a five year window you can claim losses 2 times without the IRS without any tax problems.

The problem is, in a partial loss they policy would only pay on the depreciated amount reducing your claim payment.Replacement Cost is the cost, in today's dollars, to rebuild the structure with the same kind and quality. 

The difference between a Normal insurance policy and a umbrella policy is that while Normal insurance policies only protects the property to a limit in your case, while an umbrella provides coverage for claims that may be excluded by other liability policies including claims like false arrest, libel, slander, and liability coverage on rental units you own.

All they need to do is claim fraud.I would tell them that lease cancellation at this point will cost one months rent plus security deposit for releasing expense.

Refinancing does not satisfy the requirement of disposing of the property.Your scenario where you refi into one person’s name could work, if it means that person does a quit-claim deed to the other.  

Doesn't feel like a metroplex, but is getting some of the perks, good medical care and good jobs!