These include insurance (what would you do if the home burnt down and the new buyers did not have sufficient coverage).

If you could grab it up for a total investment of somewhere in the neighborhood of $60K, and cashflow $175/month, your level of comfort will rise along with your debt service coverage ratio.Something else to consider: everything depends on your strategy.

Our policy is through LLoyds and basically provides catastrophe coverage on the building.

Can't add more than J did but just to be basic, since his list was comprehensive of most possible jobs, the only major things I'd say is you do want to do any electrical, plumbing and HVAC venting while the walls are open and get the inspections first since you will have to rip the walls down again if you don't.Also you have flooring to early.

Closing costs with title searches and coverage will probably be more than 10k.

I have also had conversations with this same agent about umbrella coverage and he has never hinted that we would have any problems.

I know that this isn't a very comprehensive description, so please comment as to any key questions that I need to answer for you in order to give the best advice.Thanks in advance!

All I know is my interest has turned into excitement since I've found such a comprehensive site that's not actually trying to sell me something!

This auction has received national coverage.

Being very new to BP and REI in general, the only real feedback I have is that this is very comprehensive and a valuable resource for new investors.Thanks for sharing!