Do you have to claim this as income?

They just need to report the claim to their insurance company and their insurance company will go after the tenants policy and do all the work. 3) If I'm the insured and a claim happens, then that is a ding on me and my property.

We both currently own our own homes and are in the process of determining which house we should claim as our primary.

@Brandt Bronico Could either one of you claim a homestead exemption on a property here in New Orleans?

Nothing against landlords (I am one) but we regularly get lied to by tenants, so this is why some people may be skeptical of some of your claims.

If there is a liability claim (tenant falls and breaks a leg) the tenant liability insurance will protect you, as well.

@Mary JayMakes no difference here....The difference is just that the Seller is promising to defend claims on title to the Buyer occurring for different periods.  

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris scam and/or Morris Invest scam for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

This is very negligent when preparing a return for a real estate investor.The good news is that you get to claim the depreciation you missed in past year.The bad news is that the form to do so is difficult and will show up in the cost when you work with your new accountant.Good luck on selecting your new accountant.

Only one neighborhood in Texas’ four major metro areas lays claim to an average apartment rent above $3,000, and it’s right here in Austin.Data from Apartments.com shows the average monthly rent for an apartment in the Northshore neighborhood, just east of the Seaholm District, stood at $3,156 as of May 14.