Cons: have to pay a PMI for X amounts of months.My credit is excellent so I don't have any concerns of not getting a loan.   

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I am concerned that the owner-occupant will damage the property after receiving the force-placed insurance notification request.

@Jo Zhou    I think the problem the PM is concerned about is the fact that they have told the potential tenant that they met the criteria to rent the apartment. 

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As we come closer and closer to a closing date, we are beginning to have some concerns and fears since this is our first real estate investment.

Being on the back side of life allows you to not be concerned about your cash since you have no use or need for the money.

Yours is the sameWhat is your concern here? 

However, the lack of cash flow, CapEx and PM are a concern to me.Good luck -  Hope the deal works out for you.

I'm concerned that it's a scammer posing as a legit company.