The inspector noted the drywall, but apparently did not think to go into the dining room on the other side to see if there was damage done to the floor!

The home was originally built with four units but the city said there wasn't enough parking (so each 5bd unit basically has it's own connected 1bd mother-in-law apartment with kitchen and everything).Here are a list of my concerns: 1) Deferred maintenance  (a lot of vinyl flooring in bad condition, original roof may need to be replaced in the next 5 years, etc...).  2) Fewer units make vacancies, or a bad tenant causing damage very costly. 3) I don't have the cash for the down - I either need to find a partner or sell or refinance an existing property.To address some of these concerns: 1) I have a handyman I've used for years who could hammer these things out on a schedule that I could afford.  2) I've never had an issue keeping my unit occupied (I've even had the same tenants in one unit for over 6 years).  3) I've never partnered, but I'm willing to do so now if I can find the right person.Please share your advice!  

If the "management" screws up then you can hopefully mitigate the damage to just that LLC.Thus, only two LLC's to organize and you have multiple layers of protection.

Ask if it was related to damage or non payment of rent.If it was for damage I would not rent to them. 

Floods, plumbing issues, etc. are costly and do a lot of damage. 

Just make sure you attempt to limit your damages by looking for a new tenant.  

For those of you who do not know, raccoon feces can carry some very nasty bacteria and parasites that are very toxic and may cause brain damage.

At $240k I personally wouldn't recommend a SFH for a buy and hold since you'll be risking a lot of potentially expensive damage if you happen to have the wrong tenant (you can get a nice house for that price here). 

So while we have a  quicker eviction process to hopefully limit a landlords losses collecting for damages is difficult at best 

We will pay no more for loss of, or damage to that property than the proportion that the Limit of Insurance under this Coverage Part for the property bears to the Agreed Value shown for it in the Declarations.b.