You can charge the person that is buying the option agreement th 3-5% option consideration fee, but the legal fees and other costs that are there to insure your protection, is out of your pocket, since it is your option to use those services.

In Colorado whenever I look at triplexes the insurance is double of a duplex.

How do you proceed when an out-of-state owner says they want to sell, but that capital gains would eat up their gains?

Well the insurance will not cover the SFH anymore because it is not owner occupied.  

Looked at a property today and I was the first investor to arrive. I viewed it with a relative of the owner, and in the meantime another investor had arrived and was speaking to the owner outside the property. When th...

In Canada all you need is adequate insurance coverage anything more is just for show, unnecessary and costly.Even in the US for small investors it is a misconception that it actually adds any value or protection.

What is the monthly payment to include taxes and insurance?

So I feel 1% allows me to account for a little adjustment)Vacancy Rate = 11%Closing Costs = 2%Selling Costs = 6%Cleaning and Maintenance 0.8%Property Management = 11%Repairs = 8%CapEx = 12%Taxes = 1.2% (I tend to adjust this one frequently, but this is my default)Insurance = 0.5%Other Expenses = 0.1% (my flex money as a "just in case")Initial Renovation Costs = $500

Do not do anything unusually b rbRight after you close on improved property get an insurance policy that will protect you if there is a loss.  

Insurance is so important, ask for a copy with whomever you plan of signing with.