My current mortgage balance is a little over $66,000  and my mortgage payment is $663 a month(includes taxes,insurance).

@Aaron Araujo You can take your information, organize it:What you've got.What you need.What you'll do with it.Go to your Registry of Deeds and befriend a Title Searcher.

The expenses of running an apartment property include vacancy loss, maintenance, repairs, management, accounting, legal, evictions, depreciation, landscaping, make ready, utilities in common areas, extermination, insurance, property taxes, building code violation fines, permits, usage fees, security, management, leasing fees, etc.  

BP members, Hello, now you all can watch this Stress Test of the screwed up Citizens Home Owners Insurance that we were tricked into.

The seller tells me that the county will require an amount equal to 1.5 times the amount of a septic system replacement to be put into escrow in order to transfer title.  

It's often simplest for a bank to go through the foreclosure process to clear title, particularly if there are junior liens.Look at the abstract and if you think it's something different let us know.

Current property deed has two names (X and Y), however the mortgage note has only one name (X).And as per the title search report, Chain of Title1:When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.Chain of Title2:Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) XChain of Title3:Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) YCurrent Title (vesting information):And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale.

If you are looking at a duplex, you would have to live in half in order to pay less than 20% down (maybe 15% some people say, but Ive never seen a bank loan 85% LTV on a non-owner occupied).To answer your question - I would have 4 months of straight mortgage payments PLUS your insurance deductible. 

if i do a title search to buy the house...  

In NVsell on lease w option, no title exchange, landlord tenant relationshipsell on seller financing1. free and clear house, note plus mortgage or note plus DOT, title transfers, if default need to foreclose2. existing first mortgage, sell on a wrap or installment sales contract, due on sale issue, title transfers, if default need to forecloseHope that helps