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.

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?).