Bad:Relying on insurance.

These can be a great asset if you have a very standard deal, good credit, lots of experience, and potentially time for a more thorough underwriting to close your deal.

Hey Jimmy here I do a lot of rehabs in Cleveland and surrounding areas fully insured contractor and have crews for pretty much anything from trash outs , paint , repairs etc feel free to get in contact 

If the seller is out of the county you may be out of luck with them BUT...both agents should have E&O insurance.

Then your going to have closing costs, and $3500 in upfront pmi on an fha loan, and they will want to see you have 3-4000 in reserves in an account somewhere so your not maxing yourself out then most insurance companies will want the first year in advance so there's another 1000$. 

And as for the house --it's in Quincy--south of Boston --walking distance to public transportation --right in Quincy Center--there is a major development under way.Current Rents $39.3K a year (probably a bit low still)Taxes/Insurance $11K a yearWater Sewer $1200 a yearI've never had a vacancy in 10+ years but accounting for 5% vacancy this gets to NOI of $25.1K per YearAsking Price:  $630K.  

I'm searching for the latest NJ standard lease.  

Your lender should have a few contractors they have already approved for 203k jobs, but any competent, insured gc experienced in rehab start/renovations should qualify.

The only thing I can think of is shop around for different insurance, and make sure your property tax assessment is at or below the appraised value of your refinance.  

Where I will be able to get a mortgage/taxes/insurance for about 350-500 a month.