Due to local city harassment like Fine over fine for trashcan on the driveway and other nuisances, plus insurance rates tripled cus heh insurance knows when an area goes class D and also thanks to street neighbors who looted the property 3x times while I tried to rent it, I simply cut my loss and moved on.

As they are taking on the risk of protecting the property and reimbursing you if you have a loss, they do have a right to be sure that they have properly underwritten for the risk...meaning collecting the correct premium, correct deductibles, coverage options, etc....

If you have capital losses, they wi reduce your capital gain

I would make sure she is aware of the potential profit loss she may incur by wholesaling it instead of listing it with a realtor.

You should have take taken the $1,500 side for your self if you bought this duplex  You will be getting tax loss benefits from the side you are renting out so consider that as a plus.  

Hello BP Community - I am looking to insure a brick 3250 sq. ft. 4-unit in Midcoast Maine and the best quote I've found on a DP3 policy is $1,700, which includes full replacement cost of $564k, 10% rent loss, $1 Million liability, $5k personal property, $5k medical, $5k deductible.I understand that rates vary by region, so would any New Englanders, or Mainers specifically, care to weigh in or recommend an insurance company.Do most of you carry DP3 policies on your 1-4 units? 

I'm sorry for your loss.

For me a property must bring in at least 1% per month in gross rents and hopefully 1% of effective gross rents (after a 5% vacancy and 2% collection loss).  

Most smaller properties can not absorb the potential 3 month loss of income at the lower rents the market dictates vs. the initial investment costs and be as profitable as this potential.Owner occupied duplexes are numerous here, with few large multi-families.

The IRS lets you claim uninsured casualty losses like this, provided you can justify the loss.