Proper is selling a proprietary Lloyds of London policy that has some unique coverage inclusions.

Soundproofing, fire separation, and utility splits can add up quickly but if the bones and layout already work, it might just need strategic upgrades and proper documentation to create real value.If you decide to move forward, connect with a local investor-friendly agent, contractor, and even the local planning department early on.

However, the City will not approve your application until they have verified with the State and County that you are properly licensed and registered there.  

If your long-term plan is to keep this as a rental after they graduate, then setting it up as a proper rental from the start can give you better write-offs and a smoother transition.In short: short-term = homestead simplicity, long-term investment = rental structure.

The right entity structure, proper recordkeeping, and proactive planning can mean the difference between paying 37% in taxes or building long-term wealth that compounds faster.Learn how depreciation, cost segregation, and passive loss rules really work, and how to structure your deals to legally keep more of what you earn.The earlier you start thinking like an investor and a strategist, the more freedom you’ll have down the road.If you could give your younger self one piece of advice when starting out in real estate, what would it be?

Welcome (officially LOL)!

The court date is their way of “making it official” and ensuring compliance, not necessarily proof you’ve done something terrible.

Even if the appraisal isn’t sky-high, as long as your debt coverage ratio is strong, you can still pull enough cash out to pay most (or all) of that $50K back.Bridge Loan / Private Lender: If the DSCR doesn’t quite give you enough, a short-term private or hard money loan could clear your family debt and buy you time to stabilize and refi again later.Cash Flow Method: If you can’t refi right away, start making interest-only or partial principal payments to your family member from the strong student housing cash flow until you can do a proper refinance.Partnership Buy-In: As a last resort, you could sell a small equity stake in the property to another investor to raise the capital to pay her back.5.

This serves as an indirect reminder to the tenant that you will be paying attention to what is returning.Prepare if they Go Over: If the tenant is still in possession of the apartment after the deadline, be ready to serve official "Notice to Quit" or "Pay or Quit" documents, as required by statute in the local community.

@Maya JonesI don't think an official letter from the vacating tenants is necessary.