And refinancing the FHA loan would allow me to get rid of PMI insurance which would help cash flow.

During the due diligence and loan application period, I had an insurance policy set up. 

However, something to be aware of is that your credit score affects not only your interest rate, but also your mortgage insurance.

Hey guys,Has anyone tried getting title insurance on a property they bought in a tax or mortgage foreclosure by a quit claim deed? 

As others have pointed out, Chicago and Austin have gotten pretty pricey and TX has some of the highest property taxes and insurance rates  in the country making it hard to cash flow.

Insurance should also be more in the $70-$80 per month area for this kind of property. 

PLUS, if you have a tenant skip out and not notify you, they may just forget to cancel their auto payments as well... this happened to me once.

Use the same format as on Schedule E.I would also not only carry insurance on the rental property but add an "umbrella" policy.

The quandary I am in is that most of the money that the properties produce goes out the door to pay the expenses (mortgage, maintenance, capex, vacancy, insurance, PM fees, utilities, taxes etc).

If yes, you will have to cover monthly expenses such as mortgage payments, insurance, utilities, HOA fees, etc.