The closing costs, insurance premium, legal, etc. was about $200,000 ballpark.

@Richard PraterFirst-- call your insurance and ask what breed restrictions they have.   

I credit that to having a clear and outlined checklist for the tenant to follow during move out to insure they get their full deposit back. 

and all i have to do is promise to pay it back.. and get a insurance bond out of Thailand.

The BRRR I'm working on now my end up being a flip, based solely on the fact that this particular property requires flood insurance.

I've been a licensed real estate agent for over a year now, am a novice house hacker and do insurance by day (which pays the bills but lack the passion for).  

This is part of what he/she (no name on emails) stated on the reply to my offer “ Also we can't give title insurance for 2 years because the tax foreclosure just passed when it was bought.

Anyone know an average cost to insure a 1-3 family project in Brooklyn and Queens?

I myself am not. and most flippers are not GC's  so all of us non GC's need the developers license.. now there is no test just pay the fee. you must have proof of insurance and a 50k bond.. the bond and insurance for those that have little to no money or bad credit can be a stumbling block.

If you like the rate and can lock it in for a longer period of time, then I would proceed.