You should decide to either learn the intricacies involved in this yourself and/or commit to finding the best professionals to help you with it.

In my opinion this is one area where people who want to flip seriously underestimate the amount of time and effort that's going to be involved in taking this thing from worst to first.

But you can bet I'll never omit that coverage again and will be reviewing what other "optional" policies there are that my agent neglected to tell me.

also what kind of insurance I should need for the real estate involvement LLC ?

Traditionally banks loan on appraised or purchase, whichever is lower...you may be describing a hard money lender...that's a different ballgame altogether...It's impossible (in 99.999%) of all real estate acquisitions to use financing and acquire a property with no money out of pocket...best you could do is HML if you're flipping this...you may scrape by with points and fees...If you're using HML you will have to sell the property or settle the debt with a re-finance...re-fi's are typically 70% LTV...and completely dependent upon your personal financial situation, DTI...easy to get burned if you don't have capacity or the value is not there...and this is an expensive asset.A conventional lender can't lend if seller financing is involved...lending constraints...

But to be safe, zip codes 98501, 98506, 98502 are going to be your best bets to stay in the Olympia school district (always double-check of course). 

Currently, I haven't made any purchases, but I have a question about the math.Does anyone look at the amortization to see actual numbers for purchases involving loans?

Get involved and become an expert on what you want to make happen.

I am curious about different financing options with reasonable long term interest rates for a starter property that doesn't involve owner occupation. 

if looking to purchase out of state your best bet is a large national bank or to search for a community bank in that location.