LLC, S-Corp, etc), to file their BOI Reports by the end of the year to avoid being penalized up to $10,000 per entity. 

I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625.

You only want to file a claim if it's much greater than deductible or your rates shoot up pretty quickly. 

This would need to be structured that if your rent is at or below your mortgage payment, the portion of the mortgage payment going towards principal is more than all other expenses (and hopefully more than budgeted capex). 

How many 70+ year old landlords are going to be smacked with a multi million dollar fine for not filing for the last 2 years??

If anyone files for Florida it is 10 times more confusing than Tennessee. 

He isn't a motivated seller.If it will rent for $1900  a month, that means to make money you have to have a payment that includes, principal, interest, prop taxes, insurance, at less than $1400 a month. $190,000 at 3% interest is P&I $801 + prop tax plus insurance a month.

But make sure you make a file labeled "why I intended to hold this and what changed".

It depends what basis you are filing under.

I have no concerns about the owner filing for bankruptcy or any issues with a bank.