Someone bought it from the bank for $65k, put on a new roof, new siding, gutted everything inside to the studs, new plumbing and electric.

A contractor’s insurance doesn’t pay for any of this. 

what happens if the buyer destroys or contaminates the property or uses it as collateral or doesn't pay the insurance etcCan I ask for other collateral?

So the numbers (so far) are:Purchase price: 62kARV: 105,000Buying costs: 961.00Rehab: 7-15kUnsure of what the holding costs will be until its rented but I'm estimating 4 months.Utilities: 650Taxes: 300Insurance: 500Interest: 2400So I'll be in it for about 70% ARV.Projected rent: 12000Costs: prop mgt: 1080Maint: 600Capex: 360Utilities: 0 (tenant pays)Vacancy: 1200Tax: 800 (this will go up in october but maybe only 300)Insurance:  still getting numbers but no more than 1200NOI: 6760Debt service will be accounted for after rehab and when I find a good refi option, but I figure I'll pay about 5.5pct and have lending costs (unsure of what those will be) associated with it.  

I have set up a new lease agreement, arranged payment via Cozy and lined up local contacts for a handyperson, HVAC, plumbing, elec etc. but I am curious as to how to find services to go out and do quarterly/ biannual interior inspections and/or key turn over.

We have always dealt with realtors, appraiser, insurance, title companies and big banks.

Having a single Illinois IRA LLC and just getting quality landlord insurance would also likely be a fine option and would be simpler to manage. 

I have set up a new lease agreement, arranged payment via Cozy and lined up local contacts for a handyperson, HVAC, plumbing, elec etc. but I am curious as to how to find services to go out and do quarterly/ biannual interior inspections and/or key turn over.  

Also regardless of who the closing agent is, should I definitely buy title insurance?

Hi, I broke my ankle in February and luckily the insurance company for where I fell accepted fault and I am expecting a decent settlement.