When you say "Katy" that covers a pretty large area with a wide range home sizes as well as price points due to ages of home and neighborhood (crime, schools you are zoned to, etc.).   

Cover your butt and all. 

Our building company would be hired by the LLC to complete the renovations, and we would put a small markup (not as much as we usually do) on our services just to cover overhead.  

We have great tenants that more than cover our monthly PITI.- If we stay, and there is water damage... what then?

What this does for me, is allow me to have unlimited use of the funds, and only have to pay for them one time...so I can offer higher interest rates, since every time I re-use the funds it reduces the cost per use to the point where as long as the returns from that investment covers these payments, that initial cost of the loan was insignificant. 

If you do it right (BRRRR) then you can pull all your capital back out, have your renter cover the HML costs, and possibly pull some tax free cash out. 

i think if investors BEFORE they bought properties that require  medium to heavy managment they should definetly sort out their style of management and sourcefrom what i reading is people are basically tired of bad tenants and other minor thing such as up keep.but if u did a bit of footwork and got yourself some good solid tenants that are trustworthy and would treat your property nice i dont see a problem.. having a residental rent collector and your good tenants and your own contracted mainence is pretty much it..good footwork is always valuable all the time ..people need rental homes just as much as people need owned homes

Unless you absolutely need to, don't take out the rents from either property until you have some working capital to cover unforeseen expenses such as a plumbing or AC emergency. 

All my unit required was paint and cleaning.Loss of use was not covered under my renters policy since the unit was not occupied at the time of the fire and I had it under contract to sell.I was wondering if the association, owners, insurance company, or restoration company were liable for the excessive repair time?

Otherwise, if there's a hang-up, the new policy is issued before the old one is cancelled and refund received, there won't be enough in the bank escrow account to cover both policies.