That gives us some good passive income and benefits as a safety net, and it opens me up to new opportunities to learn and do new things.I've owned 4 houses before, including completely restoring a 1940's dutch colonial in Ohio that I did almost all the work on, but we currently rent as it made more financial sense for the moment.

@David L.Your landlord's policy will cover rebuilding it but will not cover the tenants "stuff".

As far as insurance, the short term rental insurance is one of the most expensive insurance policies you can buy.

We were concerned about fire safety and made sure they were plugged into GFCI exterior outlets.

Hard to find (call around to and try to get some quotes) and very expensive in comparison to a typical landlord policy.

Does this only apply if the length of the policy is longer than one year or if the policy spans more than one calendar eyar?

Also regarding insurance lets say there is still 6 months left on previous owners policy after I take title. what happens if I need to file a claim but I am not on that insurance policy?

Some places, like a PECO (local electrical utility) substation have a zero-tolerance policy for ice and snow.

Before the new tighter lending policies, we would hold properties until they acquired a 50% equity, then use the equity as security on the 20% down and finance 100% on the purchase of anew property.

However, my policy is that I won't offer a financing solution if closer than about two weeks because there's so much work to do in a compressed time period.If a tighter time crunch involved, I've got dozens of ways and plays to approach and sell based on being in a "salvage mode."