More importantly, this is an REO sale, and they typically come with title insurance.....which means the bank will pay off any past due taxes and liens that survived the foreclosure auction.

The rent is aprox $400 bellow our mortgage/insurance payments.

The rent is aprox $400 bellow our mortgage/insurance payments.

Do your research before setting up an out of state (OOS) LLC while being a CA resident.LLC in CA has a minimum $800/year cost/tax.You did not specify why you are looking at LLC but if it is asset protection an umbrella insurance coverage is another option and typically is less error prone. 

Will a title company even insure this?

The beauty of the liability policy is that is will also pay all defense costs, which can get very costly, so best to put that expense on the insurance company. 

INSURANCE□Do you have adequate property and liability insurance of each property and do you have the correct type of insurance?

Can one get home insurance on student leased home?

You are also going to need to carry insurance in every state you are licensed in, which will drive up yoir costs.

There are places like Indianapolis and Milwaukee with $50k duplexes that rent for $600/side.If your property isn't losing money and you want to keep it, I'd try to find a way to increase your rent (renovations, etc) or cut your costs (change insurance, refi, etc).As far as amortization, my feeling is that you either want no loan, a very short loan (so you will own it free and clear soon), or a very long loan (so you can cash-flow better).