Third party servicing company for $35/mo handle taxes, insurance, escrow, tax forms, statements etc.

The taxes and insurance sound like where we are in St Augustine and NY. 

Florida scares me with insurance issues and constant threat of hurricane damage.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

Not sure if they have upgraded to desktop appraisals but if they are still doing in person appraisals , make sure you get everything (scope of work, good faith deposit, social, LLC docs, insurance, proof of prior experience, financial statements) in ASAP.

Quote from @Peter Walther: I think you'll find most, if not all title insurers, will require the DIL to be dated and executed subsequent to default in order to insure. 

One requirement for this loan product is that the rehab must be completed by a licensed and insured contractor approved by the lender.

IF you need 100% financing and lets say its $200k deal, the lender will be interest only at $150k at 12% = 1500/mo + taxes. insurance etc.

Life Insurance covers everything 

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title.