If you're about being the most efficient with insurance costs and cant cash flow the full annual premium up front, you may want to consider escrowing for the additional discount(s).

Unfortunately, most on main street see wall street as this big bad wolf. 

You might make the buyer pay you annually for the taxes and insurance.

@William Larson Make sure your insurance policy covers your complete annual rental loss.

We are in the process of growing our business in order to start speeding up our renovations and (in theory) bring in more profits annually.

The tenant was on Section 8 and that was an item on the list for the annual inspection.  

Now with that said...a 2% CoCR is hard for many investors that are looking for better annual returns right away but there are some investors out there that really are looking more for the tax advantages than anything else.

Thank you for the great information @Scott Wolf and @Jason Lee.

I know the person personally and there is no mortgage on the property and the Annual tax Just became due.

That can be several thousand dollars in annual maintenance.