The owner is open to seller finance for us.

If you have a partner and are a minority owner or LP in the deal, you may find something, but that doesnt sound to be the case from your description.

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

Most properties are remotely managed by owners/PMs and what was suggested would be an impossible and unrealistic standard to set - much less enforce. 

for me  a handful since early 80s  now in those days I was ONLY buying land that had owner contracts on them. 

We also need to add in escrowed taxes and insurance to the new terms, as previously the buyers were responsible for paying them, but we’ve recently had to take that over.Context:Subject property is a mobile home on land in the state of FL that is owner occupied by the family who purchased it from our LLC.

I'm a investor, flipper and property management company owner who specializes in central CT.  

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

This LLC has you as the managing member and 80% owner and can purchase investment real estate of your own or with other partners.

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage.