Being listed on the policy AT MOVE IN as Additional Interest (not Additional Insured, but that is another discussion) is key.

Looking back, I kind of regret that decision because I now realize I could’ve used leverage to help me acquire additional properties.Since then, I’ve been doing a lot of studying and learning about real estate, and I’m starting to think more seriously about what my next move should be.

I’d greatly appreciate any additional advice or recommendations on the situation.

You get $2,400/year in additional income immediately with zero downside.Option B: raise to $2,500, tenant leaves.

In addition, I am looking into a HELOC as well.

So, they won’t work with us.We’ve also learned that contractors usually fall into one of the following categories:Type 1 (High Quality, High Price)They can do new construction, additions, full remodeling, but maintenance work is too small for them.Typically pay for advertising, have sales staff, separate bid preparers, inhouse designers, full office support.Equates to a lot of overhead, leading to markups of 50%+.Bids: Usually have a dedicated salesman that does their bids, so able to supply quality bids.Comment: Usually have the highest prices & quality, and so these are the contractors you’d hire to work on your own home.

But I think there can be advantages (IF you can ameliorate or avoid the additional costs)a) A lot of people will run from these, giving you an inside trackb) You get the opportunity to build a raised foundation, which I often prefer.

I haven’t filed my most recent tax return yet and want to make sure everything is set up correctly from the start - including Schedule E reporting, depreciation strategy, and proper entity timing.I plan to operate this as a real estate business (not just a personal tax return) and will be forming an LLC for my portfolio this year, so I’m looking for someone who can advise on both tax strategy and entity structure as I scale into additional properties.If you have a CPA you personally use and trust for your rental properties, I would really appreciate any referrals.Thank you!

I also use an umbrella to cover additional liability. 

Lender tacked on over $30k in additional fees I never signed for.