If you close your loan with the title company you used last time, they will probably be able to give you a reissue rate on your title insurance to save you some dollars as well.Good luck

Make sure you have a Realtor perform a CMA for your friends house before proceeding. 

Get good liability insurance and also get an umbrella policy.

hi Noe,Thanks for replying as of right now they have 16 units rented and they are gonna finish the renovation in a month or so what they tell me is they will have 85% of the units rented with in that time frame they dont have a management company in place and i would have to get one  taxes are 15k and insurance is 12k  that is all i have on the numbers at the moment.

However, being a hurricane target area I know any house will require expensive flood and wind damage insurance.

@Jonathan JohnsonAsk for a copy of the trailing 12 numbers for the building.  2015 P&L and Tax Return if they will give.Find out about property taxes and insurance.  

With taxes, HOA's and insurance your bills would come to about $200/month.

This could be a reputable company or a licensed, insured individual taking on their own work.Thanks!

Is there a reason why you wont use the proceeds from your primary residence refi as your down payment for the second rental? 

So, if this were in my county, that would only leave $1,500 for title search, title insurance, appraisals, inspections, loan fees, commissions, etc.