Your mortgage insurance is low also.

Currently, We have our properties insured with REI (NRIEG).  

- Do you purchase federal Flood Insurance for your rentals? 

This would be items like mortgage interest, real estate taxes, home owners insurance, utilities etc.Pro-rating the expenses have to be done in some logical methodology.If the units are of equal size - they should likely be 50% allocated to the personal residence and 50% to the rental property.if they are not equal - you can pro-rate based on amount of rooms or square footage.

You can clearly spell out, in the articles, who owns what share of the company, how proceeds from sales/revenue are distributed, and it eliminates the potential for someone trying to "switch the percentages" down the road so to speak, because it is a formal legal structure. 

But figured id start here and see if anyone here has some advice for us before we proceed talking to people.  

as low as 5% down on 2-4 unit, lower mortgage insurance premium and no upfront insurance payment at closing, and it's a conventional loan so stronger offer and less red tape than the FHA. 

I asked him for his license and insurance and suddenly he shy's away and I don't hear from him. 

And it Florida it is code approved and accepted by insurance.

It really would be more of a watch the place, let subs in as needed, cut the grass in the summer and be the designated person my homeowner's insurance agent told me I would need if I would be living out of state.