Felons are not a protected class under the fair housing act. therefore, landlords are allowed to discriminate against felons if it is part of their rental policy.

Make sure the policy has an All Risks provision.2.

You will likely need lease terms for pool rules and liability, guest policies, parking if there is limited space, and a clause about not being responsible for personal belongings and/or renters insurance to cover their things.  

Has anyone run a place with zero late rent policy?

Our policy is that pets must stay off the beds and couch (we provide a comfy dog bed), and thus far we've seen no evidence of damage, and our cleaning team hasn't had to deal with any major dog hair issues.

That's the best policy.

Honest is the best policy so just ask the buyer and the seller and be honest about it.  

@Sam Leon Michael Seeker You can usually get a builders risk endorsement to your policy to cover items in your rehab not attached to the house yet.

I highly recommend reading "Lawyers Are Liars" by Mark Kohler.That being said, a simple LLC and an umbrella policy is what I see most people using.

I'm starting to shop around to see if I can find a comparable policy at a better price, and came across NuVantage.