That should help insure some sense of priority and trust to find the right "investment." 

I like the 70% Rule as a good guide to make sure you are getting a good deal, but when I crunched the numbers on the property I currently live in, using the 50% Rule I found I would actually have negative cash flow.Ideally I would rent the property for $1,400/month, my mortgage comes to roughly $830/month which includes the taxes and insurance in escrow, bringing my operating costs to $1,530/month. 

The building replacement costs (per insurance policies) is about equal to market value. 

Now after the title check is this gentleman free and clear if someone later on down the line claims a stake in the title (i.e. mechanic lien of sorts)..is this were title insurance comes in? 

Did you get actual quotes/look up for taxes, insurance? 

  $750 is insurance greed pure and simple.  

Both of these loan programs are conventional financing, and with less than a 20% down payment, you would also receive a reduced mortgage insurance rate. 

The house rents for $850/mo, and I think I could push it to $950, give or take - but the debt payments (30-year loan at 4.75 or 5%) and taxes and insurance would take up all of that, leaving nothing for renovations.One alternative I’ve pondered would be to secure it and then seller-finance it to an owner-occupant.

I tell tenants to deposit into cozy 4-5 days before the 1st to insure timely payments.

A $680k mortgage (let's assume they had 20% down) plus taxes and insurance is going to be somewhere around $5k per month.