You would want to deconvert it either way because it will lower property taxes, eliminate the expense of the condo assoc, and so you can insure it properly without the double coverage.

I'd get with my title company and see if they will provide title insurance coverage, that's pretty much what a lender will want, insurable title. :)

You need to go to the recorder's office and see what system they use and ask them about searching a property and liens.Actually, you can have a title company to give a preliminary search (mine does at no charge) and I obtain title coverage from them.While you can see current liens, doing a title search is beyond the scope and abilities of most investors, this is a specialty requiring legal training, it's not a DIY matter doing a title examination. :)

My area is North New Jersey which is notorious for high prices on multi-units and very low inventory 3 family house, 2 car detached garage and driveway. listed at $345k, hoping to pick it up around $320-$325k 3 units to rent, a 3 bedroom, a 2 bedroom, and a studio Current rents: 1300, 950, and 650 Taxes: 7000, (flood insurance is required although unit does not seem to show signs of previous flooding in last 2 major storms, electrical from 1990 and gas furnace is over 10 years old) Flood insurance: $1600 (450k worth of coverage) I got approved for a mortgage at 5% rate after 25% down.

I believe Crusader may be a good option but it really depends on the coverage you are looking for and of course the premium.

Cheap coverage for "Just in case".

Landlord pays common charges to the building which has some coverage already.

@CK Hwang Some people said similar thing about LLC vs high insurance liability coverage.

Maybe that condescending tone is a coping mechanism for bad grammar and poor reading comprehension.

I am also going to have an umbrella coverage as well.