is there an account just for damages/maintenance ?

My plan is to collect one month's rent as a damage deposit.

I live in NJ and don't have a Florida address but LLC formation documents require a physical Florida address as the Principal Business address.

You'd be short $500 on fixing the damage. 

@John VanharaI haven't researched it, but I'm pretty sure my policies are worded that losses are covered if they are direct physical losses, which don't think is going to qualify. 

Purchase price: $55,000 Cash invested: $80,000Duplex- It had some fire damage in the kitchen, so were weren't able to obtain a loan from the bank.

None of the jobs are big enough to sub out, so expect to be touching up paint, fixing flooring, adjusting downspouts, confirming that the stain on the drywall in the basement is black mold or actual water damage, etc.

There are annual inspections and if tenants damage your property and cause you to fail the inspection, they will immediately stop your rent payments until YOU fix them to a satisfactory level.  

The landlord used the damage deposit and last months rent that was paid at move-in to cover the tenants rents for April and May.

fbclid=IwAR1_ej9w4ehy8nk1tbQqymMiVDJRd38X44AfzFGeHUXqavYaeZW7aitYJ3MProtections granted to residential renters during COVID-19 crisisGovernor Lamont’s order – Executive Order No. 7X – includes a provision taking the following actions to protect residential renters during the public health crisis:All landlords are prohibited from issuing a notice to quit or beginning eviction proceedings before July 1, 2020, except for serious nuisance, such as physically harming another tenant or the landlord.For rent due in April 2020, landlords must grant tenants an automatic, 60-day grace period for payment, instead of the existing 9-day grace period.For rent due in May 2020, landlords must grant a 60-day grace period for payment upon the request of tenants.