If you read elsewhere here (and you should) you'll find the "50% rule" that says expenses (taxes, insurance, utilities, HOA fees, vacancy, advertising, etc.) will eat up 50% of the rent.

Finally, the tenant may do the maintenance wrong and cause a fire burning your house down (which may or may not be covered by the insurance).

Make sure you have insurance!

I wonder - would general liability insurance provide coverage for an incident like this?

Note that the "taxes & insurance" part of the payment are really expenses.

This is after all operating expenses (taxes, insurance, prop. management, repairs, vacancies, etc.).

We live near each other, share autos, pool insurance, pool investments, watch each other's kids and pets, etc.I see long term, and by that I mean multi-generational, wealth building to be a good thing.

All she would have to pay is the utilities, insurance, pest control, taxes, and maintenance costs.Do you really think my attorney is not working in my best interest?

(Plus I wanted the $1300 a month income from Section 8) My mortage with taxes and insurance is $797...Well, she has been there 10 days now, and there is trash all over the yard, bags and boxes on the deck outside.

My partner and I have buying foreclosure for the last 18 months and am curious to how everyone approaches insuring these properties.