IS it because 1 hr away from big city is a more stable investment than middle of nowhere?

Our insurance agent has been wonderful with finding ways for us to be insured with State Farm.

There was water damage from a pipe burst and some of the drywall and flooring has been removed by what the seller is calling a "professional company paid for by the insurance company".  

I'm starting to build my rental protfolio with a purchase in Westville NJ. does anyone have any advice on landlord insurance; calculating accurate figures as you assess potential properties, best providers, level of coverage etc. 

If we did a promissory note and a handshake, do you know how would the house insurance my lender requires work? 

Other concerns - I know many people don't want to be investors in houses in flood zones b/c insurance expense is so high for the investor (while it's much more affordable for a owner occupied property) - is it similar for a sinkhole? 

Regarding my second question, you're right, I think doing a title search is my next step in order to insure that their is indeed a good amount of equity.Sal

Here are the rough numbers on one of the houses, both are similar:Total investment (acquisition, remodel, carrying costs) - $200,000Current value (after netting out selling costs) - $270,000Potential Rent - $1,500/monthI can do a refi and get my $200K back out of the project, that leaves me with a mortgage payment of $1,400 including taxes and insurance (assuming 30 yrs. at 5.5%). 

Also, on flood insurance, i'm finding quotes ranging from $600/yr to $1,500/yr but not clear how that works within the different flood zones and asset types.

The reality is we can't help everyone stay in their home; there are many different reasons why some homeowners can't stay including they are too past due, they have no job or their income is not enough, they are self employed and don't have stable long term income, the property value is too high, they have too much equity,  and the list goes on and on.