The insurance claim paid out a portion and the recoverable depreciation portion is to be paid after the work is completed.

He is now unemployed and can’t pay rent (or so he claims).

The Contractor's insurance told me I cannot submit a claim for damages and that only the contractor can do so.If he chose not to submit a claim, what are my options?

Hi, My tenant is not able to pay rent because he claims that he got temporarily laidoff. 

To make it real simple, in your example it seems that Partner 1 could claim unreimbursed partnership expenses on his personal tax return / schedule E.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris fraud and/or Morris Invest fraud for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Then why would you claim to be?

The purpose of either is to put any potential lender on notice that there is an option on the property, that may have a superior claim to their lien.

If you built the garages, installed the pool, etc without permits and inspections, you'll have many more problems with getting those passed by your township than you may think.The solution I would recommend is to have your parents refi, put the property into a trust, you can be a co-beneficiary, and when you can afford, give them whatever money you have agreed to and have them quit claim their beneficial interest in the trust to you.I am a realtor, not an attorney, so please seek out a qualified attorney to get you set up. 

I would call my insurance agency to file a claim using the “loss of use” portion of my policy.