@Assaf Furman the premium is based on the building value you are insuring, so without knowing what that is, no one could tell you if that is high or low.I'll PM you some additional options you may want to consider.

In addition don't forget that the rental income also includes a principle reduction amount that adds to your net worth each month.  

The landlord is a good friend of mine and is willing to sell it to me with a huge discount.

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

The attorney that we use for our leases charges $65 per lease  and will handle any dispute with the lease at a discounted rate.  

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex.

It will help justify any credits or discounts you are asking for (Lower than asking price offer). 

First, that investor telling you of a minimum IRR doesn't have a clue, IRR is rather irrelevant especially to predict, no one really knows what the IRR will be until the future.If you're going to look at the IRR, that 5K isn't your total investment, it's an additional 5K you put in to restructure your financing. 

Would it be against the law to copy those few lines and add it to ezlandlordforms lease?