I have had 3 slip and fall claims just this year where the tenant was at fault, but the insurance carrier was forced to pay. 

If you have rental income, and you aren't claiming it... please fire your accountant.  

However, I can tell you that I have seen  many investors who choose to personally sign for the loan and then quit claim into LLC.

But for a one off I am not sure that would be necessary.When you refi and payout your partner then you have your partner sign Quit Claim to the property and the Deed is all yours.  

Ask your agent to show you where the policy states it is covering claims from tenants.Owner occupied 2 & 3 unit buildings are traditionally insured with a homeowners policy.

The clock starts over and now you have to deal with the executor.You can try and get your $500 back through legal means, but it will likely mean a losing battle in small claims court...assuming it doesn't cost you more than $500 in fees.I'd just take it as a learning experience and move on.

My question is should I claim the 20,000 that I used to fix the house and if I do will it somehow lower my income on my schedule A?

Does anybody know if when you quit claim it you lose your title insurance?

You pay them their $2000 in equity and you start making the payments on their loan, AFTER they quit claim the property to you.  

_ZehmerSummary: Guy writes on the back of a store receipt paper that they would sell their 400+ acre land for $50,000 and signed- later in court claiming it was a joke.