To be clear, I do not endorse that strategy - I want my money working for me, no matter how much of it the government is going to take.

Many times the title insurance and endorsements a lender wants can drive this as well.Overall I would consult the lender you are going to work with as they can tell you what they require and then anything else is info you will be requesting on your own.

To know what is and isn't covered ask the insurer for a copy of the policy as well as all exclusions and endorsements.

Additional endorsements will also boost the premium.

@Kevin Hunter, Thanks for the endorsement!

Since late fees are a key method for training tenants (endorsed by Brandon and Heather in their great book on managing rental properties)--how do you incentivize tenants without the ability to use a late fee?

I'm going to take on this fourplex after I conduct the inspection, the only thing that worries me is that the property was built in 1964 but it has been rehabbed recently.Please understand that my statement was not a ringing endorsement of each and every Low CAP rate 4-plex, and as a matter of fact, strictly speaking, CAP rate should not apply to 4-plexes which are considered residential property and therefore trade based on comparable sales.

Similarly, there are title companies here in New York which can run searches and insure for properties in all 50 states and provide the lender with whatever policy endorsements are required. 

I will do some more research, hard to separate the endorsed reviews vs. real talk.

I used realestateu.tv (I am guessing they are still around)DISCLAIMER: This is not an endorsement and I have no affiliation with them, and I get no benefit out of mentioning them, I just know they are one of the many that have a NYS approved course ready to go.