I could see lots of folks with limited equity and no flood insurance on their house walking away from the mortgage before spending the tens of thousands of dollars to fix flood damage.

I enforce my tenants purchase renter insurance.

We are both physical therapists and we do not find it wise to have 100% of our income be reliant on being physically able to work (disability insurance can only provide so much comfort).

I'm starting this discussion to document our experiences and also seek advice/insight from the BP community as we know we have a long road ahead of us before closing... and not to mention the reno!

If you want to sell the note later on, the more documentation, the better the price.

Investopedia is on the right track saying that the rule is supposed to ensure it covers your mortgage, but it's much more than just the mortgage, it's the insurance, taxes, maintenance, etc costs that are in addition to your mortgage.

I would highest suggest u and ur ex wife go to a lawyer and get a document agreeing to all the terms.

Then it seems it would be worth it, with the added property tax and Insurance cost ( possibly $175 / month) for a total of $652 cost.

I was able to fill each space with photographers, hair salon, insurance agent, recording studio, background check company, cpa, medical massage and a 3000 sq ft floor to a non-profit dance studio.I often bring the group together for happy hours on my dime, networking meetings etc.  

Several documents that you might find useful are available in the BP File Place.