Cloud, MN causing numerous tree-damaged houses.What is a landlord to do if a tree falls onto the rental house and displaces your renters?

The risk in a situation like this is the tenant decides to blame you for missing or damaged stuff.

I think the book will be very useful to you with estimating the repairs on what the fire has actually damaged.

Not to mention the cost of getting a new tenant (especially if you have a property management company that charges 80% of one months rent to refill).2) high maintenance costs - if the tenants assume that they will not get their deposit back, they would be more likely to trash the units, causing more maintenance costs (repainting, fixing damage, etc).3) lost rent - if the tenants know they will not get their deposit back (perhaps they trashed the place) they might stay in the unit for a month before they move, while you send them reminders that they didn't pay their rent.I assume that you would have to factor in all of these extra expenses when you consider if the property is actually producing good cash flow.Thanks,Brandon

Would it be safer to:A) end it giving the shortest notice possible (I have to give at least 15 days notice in Fla.B) allow them to stay until the end of the following monthTo me, the advantage of A seems to be preventing them from using the security as last months rent, while B might make them less irate and likely to cause damage, and give them more time to get their act together and leave so that they don't become a holdover.

Since you are learning about a property this size to turnaround plus looking at family money as the investment partners that changes the whole dynamic of investing in this property.You have to make sure under any circumstances that this investment will be a success or the collateral damage could live on forever.Whether it is an outside investor or not you should make sure the money is paid back but especially anything with family involved.In a down market cycle that is improving to neutral investors usually want to churn the money as much as possible to pick up the most deals.

I don't know what I have, but my coverage doesn't just cover the walls out, it covers tenant damage and all that as well (after the deductible).I recommend the normal homeowner's policy that has the $200k-50k liability (I think that's the standard number?)

IMHO, these things are brain damage for no reason.

If they are still there, call the constable...Any time you have to go thru an eviction, try to keep an eye on the property to see if there is any theft or damage taking place.

The realtor even helped by suggesting I put in a claim for hail damage on my roof... all whilst I was out of the country.I bought one in OK four years ago.