My guess is that rate (assuming its $390/yr) is a pre-existing owner policy cost and your costs will be higher, almost double.Now if the price you quoted is per month, I would not look into it further, as that is a very high cost.

If you're purchasing a mobile home in a pre-existing park than a purchase and sale agreement is not needed as the sale will take place in the next couple days most likely.

If you have a disaster, Fema and insurers will write you a letter and tell you that your damage was a preexisting issue so you only will get half of replacement cost.

The banks would factor in the pre existing income from the remaining 3 tenants into the size of the loan you would have to carry in order to take ownership of this 4 plex. 

Well our tenant was a pre existing tenant.  

Currently, in our market(Colorado), if you can find a good value on the dirt you might be able to build for cheaper than you can buy a pre-existing multi unit for, but more than likely not.

A lax PM company, or owner, can encourage all kinds of behavior that isn't optimal for you - did they have preexisting leases?

Im in the Pittsburgh market, I have a 14KSF lot that I want to maximize. It currently houses a 2214SF side by side duplex with attached garages. I want to convert a large parking pad and some grass into a detached 2-3...

As you getting further into your investor career having a pre-existing relationship with a banker will help!

Seller agreed to transfer/hand over all pre-existing bookings for the property.