Anywhere you have low lying areas close to water you're going to have an added carrying cost for flood insurance (unless 100% equity).  

Income minus $400 for expenses (50% rule) minus $378 (P&I, insurance and taxes) leaves a pitifully small $22 cash flow.

Hello All,Currently I am employed at a insurance company in New York City.I"ve been saving my money for a a year now hoping to get into real estate investing and stocks.

Does anyone have recommendations as far as a GREAT insurance broker in the Charleston area?

The numbers of a average deal they got is:Rent: 925Annual taxes: 847Anual Insurance:  455Property management (via the TK company): 10%The property will be fully rehabbed, however, with the financing provided I am just not able to make any numbers work.

I would have a title company do a title search at his cost to assure me that there are not any other liens on the building.

The insurance policy must also list the seller as a payee, just like a bank loan.

They will make you take title under a personal name once you finance.

It helps to have access to many people with resources of information and my time spent as a finance and insurance broker around the country has done just that so I enjoy a good peppering of questions.

 No - Unless the house needs to be painted and they are painting contractors with insurance.