I also some experience installing flooring, kitchen cabinets, and plumbing.

I sent the $2000 cleanup bill to the tenant for negligence and she is refusing to pay claiming that my homeowners insurance should cover "old pipes." 

That's gross rents, you need to account for real expenses, like taxes, insurance, PM fees (ours is 9%), etc.

Did the new owner purchase title insurance?

Does having an L.L.C. generally result in higher property tax and insurance?

This also results in a discount on my yearly home insurance. 

Hey Folks, anyone in here knows the answer to this situation:If you buy a vacation home and the appropriate insurance for it at closing and then the insurance company inspector comes and views your house after a month or so and it is vacant as expected - then things check out, but if they see tenants living in the house - then the owner of the house has to change the vacation home insurance policy to a renters insurance policy?

We stay with our borrowers through out every step of the commercial lending process to ensure the loan closes properly and in a timely fashion. 11 Capital Finance personally handles all title insurance issues, property insurance issues and does all of the coordinating with every party involved in the transaction for our clients.

You still have 10% property management, 10% repairs, 10% capex, taxes, insurance, etc.

hey just some advice from a plumber ive been doing plumbing for 5 years nowyou said you had a iron sump pit, likely the pit is beginning to corrode and thats the cause of the iron deposits, now a days most pits are made from composit plastics ,another possibility is the piping could be the cause if its a metal pipe [iron or galvinized steel ] it could be contaminating the water being pumped out, again most pipes now a days are PVC either sch 40 ,80 or ABS to prevent this issue, it could be the pump is corroded and failing but if its working i doubt that its that ad if the pump was that bad it likely would have failedother than those the only other thing that comes to mind is that it could be something in the basement that is made of iron or steel that is in the pathway to thw water on its journey to the pit.hope this helps