Your quote sounds high, of course I have no idea how extensive the damage is.

It is one thing to pay a known person with a reputation for coaching.

If the tenant has a sharp attorney, (doubtful) there could be an issue if you were not compliant for a period where you are seeking damages, seems that would be up to the judge.Best to call the city finance department and ask them, I doubt they would misguide you for some fee.

Its the part of the policy that states if the renter were to be the cause of damage to your property, their renters insurance will pay up to typically 100k for the damages.

Is that common knowledge and practice, I doubt it.I'd try to have a good reputation in a small town if I wanted to stay in business. :)

Just came across another property 4bdrm and 2th....1700+sq ft being sold for $45K, checked it out and pending inspector not finding any structural damages should only be $10-15K in repairs to have it rent ready/ready for sale and appraised for $130K+.

Just look at the Super Storm Sandy damage along the Jersey coast.

Make sure tenants are responsible in the lease for damage to the entire property, not just their room.Will zoning allow it?

The deferred maintenance to the property includes, but is not limited to, roof damage/leaks/roof replacement ($4.5k), deck repair ($1.5k, gutter replacement ($1k), landscaping & tree work ($1k), carpet replacement ($500), and kitchen/bathroom repairs/upgrades ($3.5k).

If you're in this for the long haul you will have expenses like roofs, sewer lines, nasty evictions and major tenant damage.