I want to sell a property for next to nothIng that may not be able to have title insurance on it.  

Many discussions with investors, lenders, insurance agents, contractors, etc.

Should they be insured?

I’m closing on my first investment property in 2 weeks and I need to decide on what insurance im going with.

Get's very messy that's why everything is always run through realtors.Knob and Tube not a big issue I have homes that are insured and have this electrical wiring.

The main issue I think you are going to have if you move forward with this property is the only insurer that will take a property that has had a recent loss is the (National Flood Insurance Program) NFIP or government program (What is the NFIP?). 

Show license, insurance.

But you should be able to find a local bank, or other investor would would be willing to finance a stable property with equity at lower than HML but more than traditional rates. 

For loan amounts over $1mm on stable properties (90% occupied), Fannie Mae, Freddie Mac and HUD may be the best options.

@Jacob Breazile - Make sure to account for the following expenses:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance Property Hazard InsuranceFlood InsuranceEarthquake InsuranceUmbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy) Water § Sewer § GarbageElectricityNatural GasPropane9) General Maintenance (usually 5%) Upkeep § LandscapingSnow removalRepairsNew Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.)