if i were to acquire these and have them be owner financed, I would want clear title and the other mortgage on this lot removed - especially if my loan has a balloon on it that matures prior to the existing loan, as how would to provide clear title?

Quote from @Amit Chugh: @Tim Delaney - I was referring that one of the properties is listed as Section 8 Property, why one would list that in title, does it make any different or benefit for buyer or seller mentioning section 8 in title?

Wind is one of the subtle items that Insurance companies are starting to exclude. 

Adding your property manager as an additional insured means they will be listed on your insurance policy as a named insured.

Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

Even if they had renters insurance, it comes with a $500 - $1,000 deductible just like your insurance.

Insurance call around and get quotes. 

@Jessica Seppo,Many people take the cost of an LLC and funnel it towards more insurance and an umbrella policy.

I have home owners insurance should i buy another landlords policy as well?

You could also use "Doug's LLC and/or assigns" where Doug's LLC is your hypothetical company.As for the assignment contract, you can get one from an attorney for probably less than $1,000, you can also make a friend at a title company, they probably have a template they could give you.