Make sure everything is spelled out, cover the details on each scenario, if it all goes well, and if it goes south. 

I thought I had everything covered.

I have a couple of suggestions:1. if you are doing a rehab that will include the wiring, you may get a Renovation Builders Risk policy to cover you.  2.

Below is an article that I thought covered some most of the bases, but I have no way of knowing if it is good advice or not since I have not done it.  

In NJ, tenant will cover all count and lawyer fees for landlord?    

If you paid $54k cash and your insurance covers $94k in replacement value, you *should* be able to collect the $94k as well as the $8k in lost rental income and either rebuild or simply sell as is and let the Market figure out how much it is worth.

I don't believe the REIA covers MF specifically. 

You use this $96k to pay off your original loan of $80k and are left with $16k which you can use to acquire another $80k property.So yes, you now have 2 loans (which your rent should cover) but you've increased your total portfolio by $80k for no additional money!

If they insist on sending individual rent payments, we charge an administrative fee to cover the extra bookkeeping effort and bank charges.

Everyone covered it.