No mortgage payments have been  made by borrower since Oct 2015,  Bank is paying taxes and insurance at the sum of 15k a year, been in foreclosure for about 9 months, property is just under fair condition, owners are dodging the paper processors. 

Some lenders may also want to see law and ordinance coverage in your insurance and perhaps a rebuild letter from the city stating that the property could be rebuilt as a residential 4plex if destroyed. 

no rent coming in but expenses were low - just utilities and insurance. 

I understand this is my responsibility and I filed an insurance claim and the garage is currently being rebuilt as the entire thing was destroyed.

The double close or back to back closing is NOT illegal; it’s just darn hard to find a title insurer willing to do it.  

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

And STRs really help because you don't have the large dings that long term rentals have - i.e tenants damaging the property to where you have huge make ready costs (the str insurance covers that), no collections or evictions issues. 

You have taxes and insurance so that pulls another $100 per month- so you clear $600 per month. 

Again PMI offers the lower rate because its less risky and offers insurance to the bank.So when you sell your current home try and keep as much as possible and avoid an "All Cash" offer.

I didn’t go with his company to set up my life insurance policy.