Earnest money is there to ensure you have skin in the game which insures you'll be closing on the property. $1 shows you have no interest in closing the deal.

Prop tax, insurance, and MI are per loan officer and confirmed by my own research.

I’m 28 years old, a licensed plumber and have my own plumbing company out of Wallingford CT.

If not try to get an injunction to stop construction from a judge, up your flood insurance, there are a few different ways to deal with the situation or the blow back in this case.To me is sounds like the builder made a error in his engineering plans, and he knows it.

I like the Fannie Mae just a little better because the mortgage insurance is cancellable where as the mortgage insurance on the FHA loan is not.

I guess I am just one of those basic lender types.put money out get a mortgage or deed of trust prom note.. lenders title policy and named additionally insured on the hazard insurance.I think your talking about an investment scheme.. :) of some sorts.. 

I say that because most people gravitate to FHA because of the low 3.5% down payment requirement but you can get that with a conventional loan which is a lot of times better because the mortgage insurance goes away on a conventional loan once you have 20% equity whereas FHA loans have mortgage insurance for the life of the loan if you put less than 10% down.

Outside of real estate, I'm a business insurance broker working with small businesses, commercial realtors and anyone involved with serving businesses with less than $20M in sales.

Unless you absolutely need to, don't take out the rents from either property until you have some working capital to cover unforeseen expenses such as a plumbing or AC emergency. 

We had a small fire in the common area of our association that caused damage to all six units.Some owners decided to take advantage of the situation and add on minor renovations to the repairs.The insurance company (Erie Insurance) recommended that we hire (Perfection Restoration).