I live between multiple, multi-million dollar homes and when I'm sitting on lots of excess cash it's just lazy capital. 

So I throw into the offer contingent on an inspection, clear title , repair cost in excess of $50k and disclosure statement .

I don’t think all of this will happen in 3 years, unless you have tons of capital, think in excess of 1M.

A banker I spoke with recently said that all I need is an umbrella policy to insure excess damage. 

We are navigating crazy times in the economy - going from a juiced up excess liquidity environment aided by central banks, to one that should stand on its own merit.

I understand there should be some wear and tear expected but this seems excessive.

Your correct, not everyone is financially ready for a grade A rental but everyone should be financially educated enough to not put their hard earned money at excessive risk.  

Once a month seems excessive for most situations and almost impossible to get compliance ( heck, I don’t change them nearly that often in my own house….) 

I contribute a lot to my 401k and HSA, but I still have some money saved in excess.

There is an upcoming Florida county foreclosure auction that has the following Mortgage/Lien holders:09/04/2012 1st / Trust Deed/Mortgage $145,000  JPMorgan Chase BK Conventional / 20Y ears 06/1/2016 Assignment Specialized LN Servicing LLC 08/11/2005 2nd / Trust Deed/Mortgage $250,000 Bank ofAmerica Conventional Var / 09/04/2012 Subordination JPMorgan Chase BKIf the foreclosure is filed based on JP Morgan Chase for $143,000, and the successful bidder gets it for lets say $200,000 does he still need to pay off the second mortgage (250K - 55K excess over first mortgage) $195,000.