I pay the property taxes, and tenants take care of maintenance, insurance for their trailers, and all the utility bills. 

I think this is twofold, one because the prices have been driven very high (and I'm late to the party) and the FHA payments usually are also higher (including insurance, etc.), and two because it's difficult to get the FHA loan on a property that is 70-80% and needs repairs, so nothing from my current wholesaler contacts would work. 

Closing with the VA loan is awesome because you have zero down no mortgage insurance which is a great start.

Which company offers the best renter's insurance in India?

You should always opt for the title insurance, regardless. 

Also, the contractor will(should) have insurance and if the amount is not great, will probably pay it off before taking it to court too, if you have docs from the utility company stating that they were all billed for the one unit.  

Worst case scenario I can imagine without having it would be something like your tenant burns the house down, maybe somebody dies in the fire, maybe not..but in any event, you file an insurance claim and the first question the adjuster asks you is "did you have a CO?"

I average $500/unit in cash flow (each 4 unit building gives me between $2000-3000/month in cash flow after paying mortgage, taxes, insurance, maintenance, utilities, cap-ex reserve).

What about cost of insurance?

Both names are on the original deed and every other document I can find.Any advice on information I should get or how I should proceed would be greatly appreciated.