Rather you just pay the taxes and insurance as those bills come in.The loan from the seller to you is an asset in the seller-now-lender's investment portfolio. 

It had issues, but they were things I understood (health department and septic) from prior property management. 

Rent is in section 8 housing and rent comes in on the 1st every month  Rent: 700$House has passed all government paperwork to be section 8 compliant. yearly insurance is 345$would need to use property management company to manage the property. utilities are paid for by the tenant.Does this add up? 

The property consists of 4 structures - 2 duplexes, an SFR and 2 car garage, and has 3/4 of acre.Here is the link to my analysis using the BP calc assuming a $455,000 purchase price and below is quick summary.https://www.biggerpockets.com/calculators/shared/260799/874435c9-b77f-4f96-a3de-90be11c4cbbaThe asking price is $475,000, Assumed purchase $455,000.I've assumed $30,000 in repairs as a place holder (TBD)Current Rents total - $4,700 + an additional $75 in income from laundry machines _ According to listing broker.Taxes are $5,868 (verified)Insurance $4,500When factoring in other expenses - landscape maintenance, water, elec, vacancy, repairs, cap ex and PM I end up with $610 in cash flow.

Hey All, I've recently bought a property in Houston and had to file an insurance claim on it 2 week after I purchase the property.

Combined they provide about 1K after payments, taxes, insurance, etc.One is valued at $270k (owe 171k) the other value $110k (owe 57k)  I would like to get the equity and continue to build out further assets. 

How much is insurance?

I had an insurance conference at the same time unfortunately.

That's what insurance is for.Starting out with an LLC will also limit you to either cash, hard money, or commercial lending.

Would you drive a car without insurance, own you property without insuring it, then don’t sell your property without protecting yourself by using a professional.