.$150/month for insurance sounds low.What about the water bill?

My wife and i live in norther California and i have stable job with good income.

For other newbies, this means that while it doesn’t help or really hurt us too much, about $200 a month in property taxes and $70 a month in homeowners insurance does count against us for qualifying.

Do they have renters insurance?

@Melinda Pajak you can look into longer term debt through life insurance companies.

This way, you'll maximize your rate, your loan to value and get a lower cost on your mortgage insurance if you're over 80% loan to value on your new home.Best of luckStephanie

Hey Tate, here's what my commercial lender @ US Bank uses for pro forma debt coverage calculations if he doesn't have 2 years and YTD historical data (basically, seller's schedule E's)Vacancy: 10% of gross rents, unless there is sufficient market data at the bank's disposal to justify lower vacancy rates for the type of asset in question, OR detailed historical vacancy data from seller.Management: 3% gross rents or actuals, whichever is higher, with property management agreement provided to close.Cash Reserves: 3% of gross rentsTaxes: Actual data used.Insurance: 3% of gross rents, or as shown by insurance policy.Operating reserve: 20% - 25% depending on the type of asset and amount of historical data provided.

Also in terms of insurance claims do people have to wait for the claim(s) to be paid o before you purchase/acquire the property (land/lot)I am talking about a strategy I want to use in CA and I want to save money and have a lot of time I can exchange to get/acquire land potentially 

I want to discuss asset protection as well as tax & insurance implications for LLCs, possible Due on Sale Clauses (as most of them are financed), Trust options. etc.

The insurance company is waiting on contractor quotes, the roof damage is tarped.