Even with the rafters covered up, 6" of insulation isn't enough.

Luckily, our real estate agent said we could use his name and contact info in case we truly need an Indiana-based representative to cover our bases :)

The lower unit owner has contacted her insurance company as well as Serv Pro to assess the damage.I called my insurance company and they said that my insurance would cover my unit, while the lower unit owner’s insurance would cover her damage.With the above in mind, I’d imagine her insurance company would look for someone to collect the money from.

I may get an insurance in the future, when I have more units to cover.

If the prices go down, I'm covered, since I have also optioned it out to a Tenant Buyer who put down 10%.

@Diane Stinebaugh I like to keep around 10k per house at least. 10k is usually more than enough to cover anything that might go wrong at any given time. 

I bought 12 new constructions I Mississippi for Go Zone.. all 150 to 225k.. granted they were all great rentals as rentals go.. covering the mortgage and maybe a bit.. and I spent about 2million on them over 2 years but go zone game me 500k write off each year.. so a tax saving at my bracket at the time of 200k a year that I would have to send to uncle.. remember in those days us HML were printing profits.

I know banks want atleast 6 months to cover expenses.

I know the whole area is over-priced, but seems like rent would cover the mortgage and I'd have to pay out of pocket for property-tax/hoa possibly.

Because you can sand them and refinish them, you can cover them with laminate or LVP -- painting them again isn't your only option and probably not your best one.