Had to redo some plumbing in drywall and replace flooring in downstairs.Question is, I've made a claim with insurance.

My insurance company probably won't be willing to insure it right away because of the tree branch dragging on the roof, etc.

At least State Farm will insure the Detroit property.  ;-)

Our insurance agent has been wonderful with finding ways for us to be insured with State Farm.

There was water damage from a pipe burst and some of the drywall and flooring has been removed by what the seller is calling a "professional company paid for by the insurance company".  

I'm starting to build my rental protfolio with a purchase in Westville NJ. does anyone have any advice on landlord insurance; calculating accurate figures as you assess potential properties, best providers, level of coverage etc. 

If we did a promissory note and a handshake, do you know how would the house insurance my lender requires work? 

Other concerns - I know many people don't want to be investors in houses in flood zones b/c insurance expense is so high for the investor (while it's much more affordable for a owner occupied property) - is it similar for a sinkhole? 

Regarding my second question, you're right, I think doing a title search is my next step in order to insure that their is indeed a good amount of equity.Sal

Here are the rough numbers on one of the houses, both are similar:Total investment (acquisition, remodel, carrying costs) - $200,000Current value (after netting out selling costs) - $270,000Potential Rent - $1,500/monthI can do a refi and get my $200K back out of the project, that leaves me with a mortgage payment of $1,400 including taxes and insurance (assuming 30 yrs. at 5.5%).