In one of my units I had it and I couldn't get the property insured until it was removed and replaced. 

I have been in the insurance business (claims department) for the past 16 years and have always been interested in real estate but never had the nerve to pursue it further...I am confident today is the 1st step towards my pursuit of being a full time investor one day.  

While the sale was still in attorney review, the attorneys for the auction house tried to impose a contract with all kinds of odd exceptions and carve outs that they insisted the buyer accept on the title insurance. 

I believe I can ask for higher rent and deposit, but wondering if the risks are worth the added income.I'm reaching out to my insurance carrier to understand if my coverage needs to change. 

Hi @Janice Delantes,If you wanted help to see if this is a good deal, we will need more information like the monthly taxes, insurance, maintenance, vacancy, etc. 

Keep in mind  Jacksonville is a different scale of magnitude than other cities.   5,980 Roof  2,350 Siding repair2,950 Ext paint 350 Screen replacement 180 Window screen600 Hot water heater 500 Appliances used 135 lights 450 Bathroom repair2340 floor 1800 floor 1300 carpet in bedroom 375 electric150 smoke detectors350 Ceiling repair 250 Touch up paint 200 Misc caulk 100 sink 125 garage fix 375 plumbing repair 175 Window    21,315 total 

I was wondering if others are charging "additional rent" ie having the tenant pay a portion of taxes and insurance beyond his rent payment.

My attorney says that she would recommend e & o insurance for your llc to protect your business. 

So based off this calculation I determined that my portfolio is strong enough to move on with my expansion plan into a new market.Business expenses as % of total expenses : 70% 1) Fixed Expenses: a)Monthly Mortgages: 45% b)Property Taxes: 18.7%c)Utilities Expenses: 14.8% d)Licenses & Insurance: 5.4% 2) Variable expense - Water bills + repair expense : 16%Personal Expense as % of total expenses: 30% My monthly living expensesa)Housing: 39.7%b)Child Care: 25.4%c)Living expense: 22.2%d) Food: 7.9 %e) Insurance: 4.8Income 1) Total Income - 100% A) Rental Income: 42% B) Wage income (W-2) : 26 % C) House Flipping Revenue: 23% D) Property Management Revenue: 5% E) Stocks/Dividends: 4% Please let me know if you would like help walking through this process as it has been super helpful to understand my financial situation or send you the spread sheet I used.

Holding costs can be a mortgage payment, insurance, taxes, electricity, water, garbage. 5.