We don't have the Midwest weather, high property tax, old homes, high insurance, high maintenance, or state income tax.

For a first property, buying in your name with solid landlord insurance is the good starting point.

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. 

Its generally retail medical operators, so we include things like the market dynamics for our use and why statistically the market and location of the site will be viable form a business case standpoint, and speak to how the startup has enlisted the help of an EMR or other such consultant to help in their general rampup and ability to bill/get insurance contracts.  

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.  

The insurance quote is $1476/year, deductible $2500, 300k liability. 

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

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. 

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

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.