Apparently they take preferred interest in your company or have you sign a UCC cash flow agreement.

Kyler, call your a couple of insurance companies and get a formal quote so you can take this back to the seller.  

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

I am pissed at the company and in search for a decent management company at this point. 

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?

We hope that you can remedy the situation so that we can move into a habitable home.Suggestions that we have to fix the issues:Hire a company to rip up the carpets, treat the subfloors, and replace the carpets, at least on the main level and on the stairs.Provide an air purifier as a start to remedying the smell.Replace the garbage disposal.Hire a plumber to fix the draining issue in the bathroom sink of the smaller bedroom.Fix the tiles in the upstairs bathroom so they no longer present a safety hazard.Replace or fix the screen doors.Fix the gap between the windows and the walls in the living room.Hire a professional company to treat the entire home for pests.

I've heard there's a good chance the mortgage company won't care as long as the payments continue to be made on time but I still want to protect myself just in case.

We have been around the bigger pockets community for over a decade now and have more 5 star reviews on bigger pockets than any company on this website in any industry (>270 5 Star reviews).

I also have a background in software, having founded and sold the majority of my software company in 2014.

Hard money and private investing are both ways to finance flips, but they work a little differently.Hard money loans are typically from companies or private lenders that specialize in short-term, high-interest loans.