Would a renters insurance policy have covered an incident like this? 

FHA, VA, and Conventional mortgages each come with their own set of rules and requirements or the condition of items such as the roof, plumbing, appliances, peeling paint, floor coverings, etc.

Homeowners insurance will cover only the dwelling such as the walls and floor/roof and everything permanently attached to it.

It is about $300 a year covering maintenance issues and a $50-$75 each call fee.

@Eddie Delaney Great work Eddie, fun to see the pictures of the completed project.

So I’m wondering how that would work because I need to cover the down payments for the total amount I need to borrow rather then just the purchase price.

Do they have pictures of the last keg party they threw? 

Any pictures the appraiser would like to take will just look...better.The only exception to this lighting improving digital pictures is a dirty property.

This type of asset will look great in picture and probably even a spreadsheet but won't perform well for a new OOS buyer.

I'm surprised their normal monthly fees didn't cover the repairs.