He paid taxes and insurance at closing, and presumably some PMI too?

Like insurance or the name on paper with the property management company?

If you venture into the area, I'd be sure to get appropriate insurance coverage (i.e. wind, flood, etc.) just in case it happens again! 

My current hurdle (and I'm imagining this to become more prevalent with the federal limit on property tax write offs) is that our exposure with the LLC. having a free and clear asset is large and homeowners insurance is denying us when I ask for a LLC.

Here's some basics of an option agreement: Option basics You'll have to negotiate the option fee.Have an attorney prepare and review the documents with you to insure it conforms to the laws of you state.

I currently am at an insurance company working for the marketing team as a content writer.But I go and work for underprivileged kids in the summer, pay isn't much but I don’t do it for the pay.

For all the lenders out there:  can anyone tell me whether escrowing tax and insurance funds are REQUIRED for an FHA loan? 

Stan,I found Lighthouse Property Insurance Corporation online. 

If a first time buyer you could very well get away with 5% down, but you'd be paying mortgage insurance.

The larger you go up in center size the PM fee can come down to 3% in some cases.CAM ( common area maintenance fees ) typically cover property taxes, landlord insurance, PM fees, maintenance to the building and service contracts.Some tenants instead of a NNN leases have NN lease or a gross lease.