Mortgage PITI would be around 5300/m total w insurance, seller financing is around 3600/m w principal, 3100/m with just interest.

So another questions about insurance.

Assessments, in the "condo world" cover items not insured.

Knob and tube is very difficult to insure. 

Laws, taxes, insurance, adventure, new challenge, grow skills, etc. 

There are some concerns around taxes and insurance to be mindful of, but the job market in major Texas cities is unreal.

The insurance payout also impacts your taxable gain.

It's an insurance agent!

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. 

So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000.