What has happened historically when this type of situation occurs?

The last downturn here in SoCal was about 55%, yep people lost 55% of their value in their Real Estate holdings.A $500k home went down to $250k or less on the average.Now is your time to contribute your opinion, we are closer to the top than the bottom, when a correction occures will it be : 5%,10%, 20%, 30%, 40% , 50%, 60% or more?

Seems ridiculous to me why the lender cares if I replace or not as long as they get their money (if total loss occurs)... if you’ve bought outright, then it is up to you the risk you’re willing to accept.

Trusting the tenants at their word that this is a legitimate leak somewhere in the property, and not some shenanigans, does the landlord have the right to immediately cancel the lease, and perhaps pay them the balance on days remaining (lease is month to month) stating the reason that should flooding occur again, the premises are potentially unlivable. 

Does this always occur in note transactions??

Ron,It never occurred to me to do this.

., the "gap").You should still buy title insurance... it protects you going forward for things (often undisclosed) that occurred in the past.

I fill those units and they generally stay until the inevitable end of life event occurs.

It all comes back to running your REI like a business and realizing that those "unknown unknowns" can occur.

They used some delaying tactics but eventually the judge ruled against them and we were awarded possession.While waiting for the filed writ of possession to be mailed to us, the tenants have moved out and left the place nearly empty and the doors unlocked.Question: Do we need to proceed with a sheriff lockout (and wait the ~3 weeks for it to occur), or does their abandonment allow us to change the locks and begin rehab?