You will need to know any taxes and insurance cost along with any management fees, utilities or lawn care you have to pay while owning, along with taking repairs and vacancies into account.

The holding fees would be Taxes , water , lights , swear & insurance .

In fact, not only will they buy me the house (paying the mortgage) but they can pay for my retirement contribution, purchase me a new car, pay for my annual vacations, my medical insurance, my kids college tuition.

Obviously, they want proof of home owners insurance before we close.

Make sure you know the numbers (taxes, rents, insurance etc.), don't just rely on the selling agents numbers they have on the ad. 

I'm not an agent, so I'm not sure how you'd have to proceed operating in an LLC with a partner to wholesale deals, but there's certainly more disclosures you have to provide as an agent than solely as an investor.  

Realty Tax is about 18k a year insurance $7500 water sewer avg $16k utilities $8-9k.

A closing attorney will order the title prior to scheduling a closing, and should offer you title insurance. 

If so, it would be a way to insure that I am not over contributing to a 529 plan if she is able to get a scholarship and also a way to reimburse myself for the rental property using tax free money.  

Becoming an agent has costs to operate Day 1 which includes: additional car insurance (required to drive people around), licensing fees, dues (state and national), fees to operate a Supra key, to be on MARIS (MLS), prepaid legal fees, etc.