I have never personally worked with him, but if you google Alex Rep with owlstays.com, he manages STRs.

I have never put in a claim and have been self insuring in this way for 10 years so I have more than made up the $20,000 reserve that I would need.In doing this, I'm really just protecting against major fire that would be a complete rebuild.I also recommend an umbrella policy, especially if your networth is above your liability limit.  

In Illinois the 30 days run from the first of the month to the end of the month.

As for appliances the Detroit Land Bank lists Sam's Appliances but I've never dealt with them and their website's security cert is expired.

I got laid off for about two months and everything fell behind (except our mortgage, we've never missed a payment always on time) but our credit scores are horrible.

The construction draw schedule was made by one of their employees and we never even saw it.

If you have never done a deal before, then you will probably need all $10M as the lender will want the sponsor to have a track record.

Any update...what did you end up doing 

Most people on here think the 3 properties is a horrible way to go but there is a group that goes this way and there is the group that starts off the 9 property way but then stops and focuses on paying them off to be in the little to no debt group and enjoy huge cash flow without as much work and never worry about making a mortgage payment or worrying about having the cash to buy a new roof. 

If you leave it open-ended, they may take the TV, computer, and a few other items of value and leave you with everything else.