I have a different approach to investing as I kicked off my career in high-stakes litigation, suing insurance companies in New York for not covering claims that were filed by their clients.

Here's a good start: NY Tenant RightsYou should know the law and review it regularly to keep up with changes, particularly in a liberal state like NY that is regularly changing.

Now that they live in it, they have regular renters begging them to go on vacation for a week so they can come stay in it. 

With private flood insurance there is always the possibility that it can fold by having more claims then money to pay them out and the holders of the policy would not have any recourse since its not back by the government.

I have heard that the seller can file a claim with her insurance to get this potentially repaired/replaced for cheap or free.

@Jill F.My wife is not being "paid" nor will I be claiming "management fees" on the Schedule E at year end.

It's an awesome group of people - @Florence Lee is a regular there.

It claims that I banned.

When an IRA engages in a trade or business on a regular basis, there is a tax known as UBIT that applies. 

If it went to court, are you going to claim the child read and understood the lease?