I just want to make sure that it is absolutely necessary to obtain both kinds of insurances. 

I have spoke to Chase who sent me to the reo site which in turn listed 4 asset mgrs. 

I agree that I could much better devote my time to obtaining the equity type of property you mentioned.

I’m new to real estate and I’ve been reading a lot on real estate and finance, and I’ve started listening to the bigger pockets money podcast. However, I’m having trouble finding how to allocate my money to build a fi...

I have a goal of obtaining my first rental property this year (though I still need to convince my wife).

Most of that has passed now and the time is right, I'm really excited about getting started and looking forward to hopefully being an asset to this group.

Some local banks may lend based on income of the asset even for a residential but again, rates are higher and you not having any experience as a landlord...probably a long shot.

All of your income and gains are tax free/deferred.Cons: It exposes your IRA to a high liability asset.

As a younger person, for example, one might be more inclined to focus on the long-term game and holding assets or land for extended periods of time.Either way, take some time to listen to the bigger pockets podcast and read through the forums, and see what jumps out at you and piques your interest.

@Edouard Pierre First, I would suggest that you obtain an assignment of rents from the current owner and a certification from the current owner that there is no rent.