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.

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

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

Free healthcare free cell phones free housing.  

-Start at a title company- they will help you structure liens and deeds so that your interest is protected properly.

In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

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.