Closing costs for me average 4-5k this includes pre paid insurance and taxes

Your best option is to do a boat load of market research to demonstrate that the health of the surrounding neighborhoods and community is still strong.

Insurance, taxes, mortgage, and park fee were $8500. 

Rent is $950, mortgage $512(taxes and insurance included) So, there is a good chunk of equity in that property.

If it's not the tenants fault, you can file for insurance or out of landlords pocket and not tenants responsibility.

You need to ask your CPA to give you a definitive answer to your questions based on your unique facts and circumstances.Other related issues you should also consider ... your hazard insurance  policy and your title insurance policy. 

The seller/lender Should set this up with a serving co. and escrow taxes/insurance just like a traditional lender.

I have a rental property in Connecticut with one insurer, my primary residency with another insurer, and a short-term rental property with another insurer.

We can look at a low dividend stock like an insurance company, versus say a telecom with a high dividend. 

@Jim Hendershott my name is Terrell johnson I'm the owner/operator at dcm contracting service I'm licensed and insured my prices are very competitive, I have a very extensive renovation portfolio please feel free to contact me via Facebook Terrell Johnson because this site won't allow #'s to be posted.