Take this opportunity to upgrade your plumbing and electrical if needed. 

When you are just starting out, all you need is good insurance and stable and steady enough income to not worry about defaulting.

As others have said watch out for property taxes and home insurance too. 

If it was your debt, its probably your's to pay off.Title insurance has two variants. 

While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited.

Insurance Proceeds and Taxability: The insurance payout you receive is not "free money."

It comes down to having good insurance for protection. 

Here’s a quick checklist to cover your bases:Property Condition: Get a thorough inspection to assess major items like the roof, foundation, and HVAC—this helps you plan for any big repairs.Financials: Account for all costs, including taxes, insurance, maintenance, and property management fees if applicable.

If it ain't broke don't fix it.You have a mortgage and insurance.

Great property, perfect setup for a duplex with separate driveways, entrances, back patios w/ storage, brand new roof, plumbing, newer HVAC, appliances, flooring, etc.