That is on your books as a liability because more than likely you will have to return part if not all of it.

If the information is misused, liability can attachhttp://www.ncsl.org/research/telecommunications-and-information-technology/data-security-laws.aspx

A central message of that book is that your home is a liability, not an asset.

On the first policy they weren't explicit on not renting when they wrote it, but this time they are.The difference in price between the two policies could pay for remodeling the home from flood in 8-9 years.Could I get the cheaper policy to satisfy the bank in the amount of the loan, then a cheaper policy to cover my liability, or an umbrella.

The value of hiring an attorney is in assisting with things like portfolio structure, liability protection, lease transfers, compliance, investor documentation, cost segregation, etc...

Especially since as an investor, you’ll want to have high liability limits.

The assumption being that you buy something that cash-fows to address the new liability adequately.

Nationwide should subrogate against the contractor's liability policy to recover the money they paid to repair the fence.  

There are many ways you can recast this deal. first things first, close the deal with attractive seller financing. ask the seller to add settlement cost into the mortgage. consider some of these in your mortgage conditions ( put some or all of these terms in your offer) make sure you understand the value of these clauses - if not, give me a call glad to chat.1. put a subordination clause in the mortgage, this will allow you to get a new first and have the seller financed in second position.2. have a pay-off discount of 5-10% so if you get a new mortgage or sell the house you can discount the seller mortgage, this could save you thousands of dollars.3. have the mortgage secured by another property you own - this will make your property free and clear, now get a new mortgage, keep the proceeds or use it for renovations.4. have a stutter clause, this will allow you to miss one payment a year.5. have a first right of refusal in the mortgage in the event the seller (mortgagee) try to sell the mortgage at a discount, this gives you the option to benefit from the discount.6. the mortgage should be fully assumable without qualification with release of liability. this makes your resale attractive since you have financing built in.7. ask for a delay in making payments (6 months) this will free up some of your cash for renovations. good luck  with it -- Charles

To protect myself I have requested quotes for general liability insurance.