What are the annual property tax and insurance costs?

Do I need to buy land insurance? 

So in short, I agree with everyone else who has responded in saying that overpaying for a property is a bad idea, or even offering to overpay in hopes of having a negotiating point later.I'd say wait and be patient to put yourself in a stronger and more stable position where everyone can win.

Kohler before setting up a business entity.7 Buy lots of insurance and then add a Commercial Liability Umbrella.

In regards to negotiating with the HOA that should be a No, I would assume if he owes $8k in back dues there's most likely a lien on the property if the HOA is doing there job correctly to insure they get paid.

After years of sticking with a job I hated and saving up enough money to feed my family for a little while, I decided to quit my "safe and stable" job to chase the dream!

If my math is correct,1250 revenue(333) mortgage interest(630) depreciation---------------------------287 <--- what you're calling taxable incomeWhere is the insurance expense, the property taxes, management fees, repairs/maintenance, advertising, etc? 

Reserves are the amount of principal, interest, taxes, and insurance, plus any HOA that are needed.  

Call the servicing Utility to get an average on the property.Once you get a property under contract you will be digging deeper during the due diligence.Holding costs include (but not limited to) loan payments, insurance, taxes, utilities, HOA fees, etc., that occurs during the Rehab period and up until the property is fully rented.  

I will be making all payments, insurance, upkeep, etc. from there