For the low cost of umbrella insurance, and how much it covers, I think it’s well worthwhile.

I believe that the IRA has to pay the UBIT so if you did not know that you may not have enough money in the IRA to cover it.

Just look at the cover of the most recent issue of our trade journal:The California Apartment Association and about a dozen other big lobbying entities also oppose rent control too.

They will pay me rent and that will cover the mortgage.

We ended up putting a clause in the lease that we covered utilities (solid waste, gas, electricity, water, etc), but if any single bill exceeded $200 it would be charged as additional rent that was due with the next months rent.

It will make your property more competitive and if your tenants do start a fire then the rental insurance should hopefully cover it.

I told him I was going to send him a copy of the invoice from the person that did the work and the pictures before he moved in and pictures of how he left he property.Any advice?

For that matter, assuming a payment plan with the nursing home can be worked out, Joe could make those payments directly and get the seller out of the picture for that lien.Really, what Joe needs to do is fix his own finances.

At the time the condo value decreased to about 160k and we decided at the time if we could just rent it out to cover the mortgage and fees, we could make some equity and sell it later even though we werent making cash flow on it.  

I'm new to the site as well.I agree wholeheartedly with @Jim Wilcox about the need for a strong lease (e.g. one that covers all types of situations).