We typically charge a non-refundable pet fee ($200–$400) and monthly pet rent ($25–$50), and we always require renters insurance with pet liability coverage.

I have a 5% deductible on all of my policies as I can fix the small stuff no problem, but want coverage for big stuff.

DSCR Cash-Out Refinance (on either or both properties)Most DSCR lenders will allow up to 75%–80% LTV on a cash-out refi.Since the homes are newer, appraisals should come in strong.Proceeds can be used for future down payments without needing personal income to qualify.Just make sure the DSCR (Debt Service Coverage Ratio) post-refi still hits your lender’s threshold (typically 1.0–1.25x).2.

I do charge a one time per pet upfront cleaning fee of $250.Tenant must obtain 50K in pet Liability coverage over and abovet their standard renters insurance that I require before they get keys.

Your rental dwelling policy will cover if you have water damage coverage.

That covers all utilities and insurance (both coverage for the building AND for the interior of the unit). 

We have rentals right now that each have landlord insurance and I am looking into buying an umbrella insurance policy for added liability coverage.

Knowing this, we added a clause to the purchase contract to hold back 20k in escrow, which could be used to evict or supplement rent.

The brokerage should carry insurance (possibly their E&O coverage) that should cover the damages you have and will incur because of the lack of disclosure from the Sellers and their Agent.

, you’ll be limited to traditional comps, which may not reflect the value of your upgrades.Permitted additions help — unpermitted rooms might not be counted at all.The more the home looks/feels like an “investment property” or boarding house, the more pushback you might get from a conventional lender.Even if the property cash flows like a beast, a standard cash-out refi will still lean heavily on what nearby homes have sold for — not on your income potential.Loan Type MattersHere’s how you can still pull equity smartly:Traditional Cash-Out Refinance:Lower interest rates, best terms.Requires the property to still “look and feel” like a typical single-family residence.May not value additional bedrooms beyond 4–5, especially if they're not in line with the neighborhood.DSCR (Debt-Service Coverage Ratio) Loan:Bases qualification on rental income, not your W-2 or tax returns.Works well for co-living setups where you're renting by the room.Less reliant on traditional comps, though the LTV caps may be lower.Portfolio or Bank Statement Loans:More flexible with layout changes and unconventional income models.Great if you’re building a co-living brand or operating as a business.Strategy TipStart thinking now about how you’ll document the income and whether your upgrades will be permitted and conforming to zoning.