In Washington they would need to go to the department of licensing and fill out a affidavit for lost title which would function as a temporary title until the replacement comes.

Even more often the landlord is in a better position to modernize the building as the departing tenant is forced to pay the landlord for the damaged building and tenant improvements that would have had to been replaced anyways.Also, they are the people printing the money after all.

I'm also still employed as a firefighter but am slowly replacing that income through real estate.

I plan on using a engineered hardwood in the whole house.

Then fire the property manager and replace the onsite maintenance guy soon after.

Unless you have replacement cost coverage, you would probably only get the actual cash value.  

Depends on,Insured value/Policy limitCoverage - Replacement cost or Actual cash valueAge of buildingTenantsWithout this info, it is like asking if my mortgage payment is high @ $2500. 

I'm an engineer in Houston, TX and new to real estate investing. 

I'm not looking to get rich, I'm simply looking to eventually replace a full time income so I don't have to work.  

Im well familiar with building material price sq ft. replacing propertie to hire and best use. shopping center.