Always do the math analysis and try to look at your prospective properties before you make an offer or at least have a clause that will protect you for some time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.Right after you close on an improved property get an insurance policy that will protect you if there is a loss.  

What type of insurance should I carry?

Blame everyone but themselves Very low social standards.

My understanding is that the property owner needs a written document about the transition happening.Is there any standard procedure (e.g.

Id like to get title insurance on it so that i can sell the property in the future.

3x rent is the gold standard.

Id like to get title insurance on it so that i can sell the property in the future.

Thank you Matt for the nice write up.I'm available in the Cleveland market to take on more clients.I come to the table with all of my Insurance info, BBB info, references, ect.Drop me a message anytime.Neal MahoneyCloverleaf Drywall and Construction LLC

@Scott Taylor, 25% down is standard for non owner occupied 2-4 unit.If you're going to live in a unit: we can do 15% down for a duplex, or 20% down for 3-4 unit. 3.5% down FHA across the board, of course, but good luck getting an offer accepted. 

Rental Monthly Income $4,800.00 (8 rooms x 600) ------- 4800 x 12 = $57,600.00 Monthly Gross Operation Expenses Mortgage950.00 Taxes191.00 Insurance 166.00 Maintenance Housekeeping 216.00 Landscaping 60.00 Repairs 10% - 480.00 Operational Electrical 350.00 Water 150.00 Cable/Internet 150.00 Reserves 10% - 480.00 Total - $3,193.00 Annual Gross Operation Expenses Mortgage11,400.00 Taxes2,292.00 Insurance 1,992.00 Maintenance Housekeeping 2592.00 Landscaping 720.00 Repairs 10% - 5,760.00 Operational Electrical 4,200.00 Water 1,800.00 Cable/Internet 1,800.00 Reserves 10% - 5,760.00 Total - $38,316.00 57,600.00-38,316.00______________NOI $19,284.00 19284.00/46,000.00 (down payment) = 41% Cash on Cash Return (CCR)