I would also contact the title agent that issued the title policy and ask for an endorsement to change the effective date of the policy through the recording of assumption agreement. 

. 😀)Absent current economic and market conditions, absent Fed stated policy to increase rates 6 or 7 more times over the next two years, we may have been more aggressive with our debt structure - higher LTV variable IO bridge debt - but given expectations, I believe our more conservative approach is warranted.

Fast forward seven years, figuring out how to fly on the way down, and more lessons than I want to remember - and that property is almost paid free and clear with amazing tenants, who pay on time and understand my management boundaries and policies.

Find great property management companies and see what their policies are. 

When I went to AirBnb for recourse their policy states you need to make a claim within 14 days of the person leaving, which I did not make it back in time for.

I think realistically you can use 10% of gross rents for utilities (water/sewer, electricity, gas if you have it, and internet), 5k for insurance (unless it's in a flood zone, going through that now on a property we're under contract for and a flood policy costs an additional ~5k). 

The potential policy changes have been my primary concern on getting a STR here.

He's very sharp and tenacious at finding the policies that meet your requirements.

When I asked about insurance he said he thought his homeowners policy would cover it and his guests. 

I was also looking into an umbrella insurance policy.