Insurance industry.

. $7,600 for taxes and insurance. $4,920 for management (plus lease-ups and renewals).

@Adrian ChuARV $140,000County assessment $78,900Taxes are $2,287 ($190 a month)Insured through NREIG at $556 ($46 a month)I bought it cash but will refinance it for $60,000 @ 5 75%.P&I $350Total liabilities $586It will rent for $1,200$1,200-$586 = $614 cash flow and CapEx

You can recoup for court costsCan you still proceed for partial payment?

Having a good contractor (on the team or not) is essential to avoid this.I’m not sure about your State, but you should be clear about general contracting rules and regulations, length of liability, license and permit requirements, etc. before you start flipping OR make sure these responsibilities are included in the list of responsibilities of your contractor.If you’re going to partner with a contractor financially (equity share) and you both create an LLC, I’m not an insurance expert nor lawyer, but I would be clear (signed/notarized documents) about who is doing what within the Partnership Agreement.

I would be concerned about insurance not covering you if you had an unpermitted apartment in your basement that circumvented local zoning.

(I went to UofM Dearborn so I have basketball players rent out the bottom unit)The only thing that made it hard in Dearborn was how high insurance and property taxes are.

With 1-4 family it’s much more strict before how long you have to hold it before your purchase price limits proceeds. 

You need to be aware that your e&o insurance will not cover you when you are a party to the transaction.

I’m very familiar with the market the listing I’m considering is in.I’ve had my realtor walk the property and FaceTime me.I’m ready to proceed in making an offer on Xome.com but have never used an auction site before.