So purchase price was 30K with closing cost i was around 32,500 My original reno budget plans were 15-20k, but could got to 25K if there was major unexpected problems.

We have had a lot of unexpected expenses that we wish we hadn't, but this is the first real step we have taken towards our goals and we are glad we did. 

It happened by happy accident actually. 

The insurance is ruling the fire an accident, which it was, but the accident was caused by her!

I actually posted this by accident - I thought I was posting under my own portfolio lol.

The plan was always to convert the den into a 3rd bedroom once the renters moved out, which I’d hoped wouldn’t be for a long time, but ended up being 9 months after purchase due to an unexpected death of my tenant’s father.

However, insurance is limited because it only protects you from one type of liability: accidents/negligence.

Make sure to plan for the unexpected, dont be afraid to drop the price.

Weve converted these to long term financing now and had to leave about 3k in them so not a full BRRR but they are starting to provide a return now. we had a furnace and waterheater failure in the second one which was unexpected.

The insurance policy will protect you from most liability involved with accidents, and the LLC  separates you business from your name when operated correctly and other sorts of liability.