My insurance company was involved and we wrote a rider on the leases to cover liability and indemnification.

The problem is I️ do not make enough to afford the mortgage on my own but I’d like to keep the property because of the location and the opportunity to own a house right by the beach ( Belmont shores in Long Beach ca) other options are to fix it up a bit and try to rent it but I’m not sure if we can rent it for enough to cover the mortgage.

Once I sold to a friend and used one attorney for the deal, it came back to bite me because the attorney neglected to be sure all the bases where covered to protect me.

If you just assume that with freeze damage there is also water damage and possibly mold and electrical you’ll have your bases covered.

Can I still charge Tenant $50 and landlord covers anything thereafter?

We charge a % or Rent collected on many of our contracts...In the end It would cost you less and you would have been covered if not.3.)

As a wholesaler, I am a self-represented investor, and as long as I disclose in my cover letter to the seller that I am a licensed agent, self-representing, that I have a financial interest in the transaction, and that I am not representing anyone else in the transaction, I can do wholesale contracts.  

Now we are faced with pulling funds from 401K (we are over 59 1/2 - tax but no early withdrawal fee) to cover the down-payment and cost to finance. 

That way you can learn the business and often times teams will help cover your education and start up fees.

The rents should much more than cover the mortgages on the properties with units and you've used the least expensive money to begin to build your empire.