@Patrick Philip  Most realtors opinions are **** and they cannot be held accountable legally when you make financial decisions based on their advice.  

The reason I hate this response is it doesn't take into account how much being in the game at any level matters.

Retired from a 10 year career in Corporate Finance and Accounting. 

I agree; however, i would pay them out of your business rather than your personal account.

Account Closed Many many investors living in expensive areas invest OOS, myself included.  

There are rules about what can be deducted and what can't, and when you have to provide an accounting of the deposit and any remaining deposit to the tenant.  

Over the years they have been late a couple months each year paying late fees, have gone through multiple checking accounts and have gotten shut off notices for utilities.

BP is a great way to network and keep yourself accountable. 

Hoard  a lot of cash in a money market fund and build your financial freedom account up to capitalize on opportunities to buy more assets that put tax deferred cash flow in your pocket every month and you will be way above my $160,000 primarily tax deferred cash flow per year. 

So I guess I am wondering why insure the property itself, seems like a waste.you're not accounting for the liability aspect. you have tenants, your liability insurance covers them.