Just want to understand that if you have a long term rental property, would’nt you buy new (cheaper) appliances and get a multi year (say 5yr) cover?

I had a tenant who insisted on smoking blunts in his bedroom, the deposit was more than the cost of repainting the room so he covered the cost of new paint for the next tenant.

Hello all,This will be my first post, and I want to apologize ahead of time if it's something that's been covered extensively already.In choosing a Real Estate Agent, I have read books and blogs, etc., which suggest and advise me to get a referral. 

Of course cover yourself and make sure your paperwork is in order across the board, but it's an option.

Does rental insurance usually cover any costs associated with the tenants if they need to leave?

They have not demanded anything except the screen enclosure replaced (which needed).

This is a tough decision since the numbers make sense; perhaps I'll just go ahead with the Phase I that way all bases are covered and in the worst case, there'll be a loss of $2500 if I walk away after the Phase I is done.Thanks for both your answers.

Also, a conventional loan will not pay for the repair costs, so that would come out of your pocket whereas a private or hard money loan may cover most of it. , the method is meant to make for a quick turnaround. 

They have to state their down payment (called an option consideration) and their ability to cover a certain monthly payment, which is based on income.

"Fine" to the extent that person doesn't declare the property his (it is his, actually) and you the partners out of the deal.If something happens with the rental (someone slips and falls because you didn't replace the balusters fully knowing the risk and despite the repeated requests from the tenant, in which case the insurance will not cover you since is considered gross negligence)  and the person on the title gets sued, all his assets will be at risk, personal and the rental.