This is a more affordable option but only protects against named events.Comprehensive Coverage: Often called “all-risk” coverage, this protects against most unexpected events, except exclusions like flooding or earthquakes, which usually require separate policies.

Purchase price: $575,000 Cash invested: $218,750 Sale price: $775,000 This was a tough one.

You don't realize there was/is an issue until someone is living in it and using everything all the time. 

You should have no problem converting that basement into a legal unit as long as all codes are met.

This way we know its a good chance they should qualify before wasting any of our time showing units. 

@Isadore Nelson I'm currently seeing 154 available rentals on Zillow in the 19119 zip-code, ugh... is exactly the wrong way to analyze a neighborhood, lets use the 19119 zip code for this exercise: Did you know the 19119 zip code is ~ 3.5 Square miles? 

I was told that if you purchase a property using a conventional loan (mortgage in your name), that within a month or so after you purchase the property, you can use a Quick Claim Deed or Warranty Deed to transfer the name on the Deed of the property to your LLC.

Then if they need to redeem, they use that money to do so to avoid selling assets.

If tenant was warned not to hang anything there without using those sticky wall hangers, or if they used something not meant for home use, then maybe.

We are planning to finance with a second mortgage and will use the property on occasion but would also like to generate an income and/or offset the mortgage.