I am getting a RLI personal umbrella policy from an independent insurance broker.

Thank you so much for your responses.  

@Chris Seveney, @Denver McClure, @John Clark, @V.G Jason - thanks for the responses.

thereby allowing these plumbing updates to pay for themselves).I've got the toilets and faucets all picked out (because I have personal experience with these and I know which ones are good) - but I'm not sure what to do about the shower heads...I know that shower heads are an item that can be the biggest money-saver (because these tend to consume more water than anything else).

However, interest on the same debt used to pay personal living expenses, such as credit card debts, is not deductible.But, wait there's more... 

Additionally, if you choose to occupy your rental property, and need to get tenants to move out, you'll likely need to Ellis Act the property which you'll need to pay tenants upwards of $35k+ per person to relocate and will eliminate your ability to use it as a rental for up to 10 years.

Personally, I analyze the residential units as guaranteed income and don't look at the commercial space at all.

Great question 1)  tenant is a serial killer (or similar 2) tenant is psycho and tries to sue me personally thinking I may settle and avoid litigation fees.

If the trust is what is called a "disregarded entity" (meaning it does not have it's own TIN and does not file a tax return) then the activity of that property is reported on your personal tax return. 

Hi Bob,The response depends on the interested party sitting on the other side of the table.