Most S8 tenants have a history of bad decisions, often having convictions, evictions, bankruptcies, chargeoffs, collections, garnishments, etc.

I did have an HO6 insurance policy for my unit, but I don't believe the coverage I had will be sufficient to rebuild it.Given that I have been paying the mortgage, condo fees and insurance or the past 2+ years (since the water damage) without my unit being habitable, and now understanding that the insurance funds will NOT be enough to rebuild my unit, I am contemplating other options such as giving the property back to the bank or filing for bankruptcy.

It all came apart in 2009 when my biggest commercial lender called my loan and almost put me into bankruptcy. 

Here’s what lenders look for:✅ 700+ Credit Score✅ At Least 2 Credit Cards with $2,000+ limits✅ No Collections or Charge-Offs✅ No Late Payments (Last 2 Years)✅ No Bankruptcy✅ Utilization Under 20%✅ 2-5 Inquiries or Less per bureauYou also need an established LLC to make the most of business credit opportunities.

Big concerns are bankruptcies/repossessions and crimes against people/property.

They can raise fees, neglect capex and maintenance, pass ridiculous rules that change how you use your property, mismanage the project into bankruptcy, etc. 

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The New York City examples illustrate how this new ecosystem works: Hakimian Capital took control of a Bronx apartment building via bankruptcy after buying the debt, American Exchange Group acquired 1375 Broadway after purchasing a $200 million note, and Yellowstone Real Estate took over the Maxwell Hotel following a $170 million note purchase.

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If the area was federally declared a disaster zone, you might also be eligible to claim the loss on the prior year’s return for quicker relief.It’s also worth checking with your county property appraiser about a possible reassessment of your property value post-storm to lower your tax burden.Wishing you a smooth recovery — happy to connect if you need help finding local contacts in Florida.