A friend happened to stop by to check on the house and saw water coming out from every wall of the house.He called me right away, I called the insurance company (state farm), opened a claim, and contacted a local 24/7 restoration company who sent a team within 90 minutes.

I'm getting their advice on how best to proceed but I wanted to get some of the opinions from BP as well. 

It has been on the market for 134 days, so I may be able to negotiate a lower price if the seller is motivated.My down payment is 3%, and closing costs will be factored into the mortgage.The amount for principal, interest, property taxes, insurance, and mortgage insurance is around $740-$760/month.

For example: when you get an insurance, you have to make sure that they have accounted for this.

I service East Tennessee but would go farther afield if the opportunity was right.Factors like travel, equipment cost, insurance, FAA NAS (national airspace system) research for the prospective area, weather monitoring etc. all take time and money, so I turn down jobs regularly that expect bottom dollar.   

They will take 75% of the lease amount and deduct monthly costs ($2205 + 417 + property taxes and insurance if not included in the mortgage). 

If the properties are financed and the mortgage payments include tax and insurance escrow then you will want to include a mortgage statement.

home insurance declaration says my name as "additional interest" then what is difference between "additional interest" and "mortgagee/payee loss"also can somebody please advice me attorney for the same in New Jersey.ThanksTag Private lending, bayonne, newark, union, jersey city, union, edison, new jersey

If we assume (since you're doing FHA) that you're making a 3.5% down payment on a $250k property with mortgage interest of 5% (not sure what the current rate is, that's just a guess) you'd have a mortgage payment of $1,295.08 then add in PMI, taxes, and insurance and you're probably in the ballpark of $1,950/month.

Do your numbers include: vacancies, repairs, make readies, prop mgt, good insurance, etc..That is a small margin and will probably be negative once all costs are taken into account.