Then you will have a principal and interest payment of around $13,450.00 plus Taxes and insurance so add in another $2800 for $16,250.00 a month. 

Quote from @Raymond Whitley: Not sure if Goosehead is in your area, but a broker like someone at this company can really help you in challenge times for insurance like this current market with so many carriers dropping out completely or raising rates on everyone. 

There is title insurance issued at the time of purchase, so we don't want to invalidate that.

How much are you qualified to borrow and what will your monthly costs be for mortgage, insurance, taxes???

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

No mortgage payments have been  made by borrower since Oct 2015,  Bank is paying taxes and insurance at the sum of 15k a year, been in foreclosure for about 9 months, property is just under fair condition, owners are dodging the paper processors. 

And you avoid things like damaged properties (guest insurance from airbnb or prop manager themselves cover that), evictions, collections, etc.   

You have taxes and insurance so that pulls another $100 per month- so you clear $600 per month. 

For insurance, I’d recommend working with a local broker to explore the best rates.

You can try to go after their renters insurance, but since you don't have proof, you're probably not going to get anywhere.