Brokers typically have errors and emissions (E & 0 insurance) specifically for misrepresentation of facts or forgetting a disclosure.

When this happens than you end up tied to your loan documents as they are written – no leeway unless you want to pay for a modification, if they might even consider one.

Same document sheds light on your other thread in re:"In dealing with the buyer, a seller's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of the property, except as otherwise provided by law."

Well now I have a little bit of savings after working hard and saving like crazy for a LONG time and I've decided to buy a home cash in Memphis so that I have less risk (vacancies, HOA fees, mortgage payments, etc. all scare me, being a newbie, so I see this as the lowest risk way to get started because even if the home sits vacant for a year I would only have to pay taxes and insurance). 

Hi David, well since you did not escrow taxes or insurance and if you're coupon rate is over 5% you're probably not in compliance with with cfpb.

Both of these objectives help insure good cash flow and cash on cash returns.Hope this is what you are looking for.

I heard some say, get good insurance. 

They can walk you through all the numbers and when you submit your documents they can even give you a pre approval letter which you should submit with any offer you make.

Might want to investigate that with insurance provider and also make sure all fences and gates surrounding it are to code with the proper gate locks.

The property is actually in my mother in law's name but we have been paying the taxes, insurance, repairs, etc., as well as collecting the rent.