This is simple watered down way to do it but at least it gives you a idea quickly on the profitability of the asset.

If it just sits on this small parcel for the building in a residential area on that slope you can do much better.I haven't even gotten into the age of the building.If it's really old you could have to tear up everything to redo the water main into the building.

Yes, 3K is a little high, is that for the liability side or property damage, but a higher deductable will provide a lower premium too.Shop around.......good luck!

Long story short, the last family I rented to did a tremendous amount of damage to the house and I ended up putting about $20,000 into it to get it back in move-in condition (May-Sep 2011).3) House has been listed for sale since Sep 2011.

Maybe cracked, or sections of plaster & lath collapsed, or water damaged - but whatever that is, you will have to look first and fix it before putting in the new drywall ceiling.

Is there anything specific I need to look out for to make sure the problem is taken care of properly i.e damage to the structure etc.

All the 'room' in these deals come from the sellers - but now I see one, and I understand.Sure, they could keep it over the winter, heat it, fix the floors, get it inspected and re-do wiring and plumbing as needed, dredge the pond, knock the down the animal infested outbuildings, mow all fall and part of spring, check for snow dams and water damage all winter.

Some further reading:http://www.biggerpockets.com/forums/52/topics/73539-contractor-caused-damage-to-neighbors-propertyhttp://www.biggerpockets.com/forums/67/topics/62988-contractor-liability-waiver-formThis has been asked and answered already a number of times BTW ...

It wouldn't hurt to have your insurance company check to see if the individual who started the fire has any insurance policies that can be billed for the damages.

i don't want to get too political, but unfortunately, business is politics...my biggest complaint owning apartments was how the government would support tenants til death and shun the landlords...have had several code violations properties, where i fix everything, but tenants do the damage again, and we go back to environmental court with the code inspector..even when i have pics and proof, it's still an expensive pain lawyering up when the government provides free attorneys to tenants..i guess i don't have it as bad as others...in some states it takes months to evict, and in others if the tenants don't pay the city water bill, the government can lien your property...all this does is put more pressure on landlords and take responsibilty off of tenants..to me, that is a huge pain!