When I was told ours HAD to be done throughout the entire building I was frustrated & 'pi$$ed' but now appreciate the inherent safety of it & if there ever was a fire (our bldg is 70 yrs old) it would certainly deter a complete loss.

I do not believe flood insurance covers loss of rent.

@David London i have managed rehabs etc from many states away/1500 miles. i require a lot of pictures. i also have a trusted third party (relative/friend) go and take pictures too. i also never front a contractor more than the cost of materials, and would do even less than that if the contractor is not well known to me. if work is not getting done then you’ve got to bring the hammer down. demand they get moving or cut your losses and find someone new. happy to explain more. feel free to message me.

Next-door Neighbor convinced, the rest of the neighborhood that Mother-of-Two and her kids should occupy Owner Gone’s home -at least until she recovered financially from the fire and loss of her own home.

These expenses need to go against the rental income first, and if there is a net loss, you might be able to deduct it against your w-2 income if you meet the exceptions.

If you were renting only to seminary students, I would say it's probably unnecessary to hire a property manager.

If you suffer a large water damage loss ($20-30k) then I would definitely consider making a claim. 

If so, assuming the policy purchased includes loss of use/loss of income, your insurance will pay you for the period of time during the repairs. 

Definitely negotiate hard, their feet are kind of to the fire here seeing as the lessee defaulted on the agreement, so they’re likely not getting any income off the system (other than perhaps selling electricity back to the grid), and they’ll incur a loss coming out to remove and repair.

The loss of income hurts too when you know the expenses that await.