have a solid idea of your market ie rents, types of tenants, property taxes, sewage and water rates, insurance rates, cap ex and maintenance expenses, good parts of town vs bad parts of town.

Some quick points:FHA is great for buying properties that have multiple units (up to 4) when you're going to live in one.You can do either a 203K renovation loan or regular FHA insured loan.FHA is not only for first time home buyers.  

They include loan payments, taxes, insurance, utilities, and any other costs that occur during the Rehab period and up until the property is fully rented.  

I have been offered the loan I would like but need to pay a sizable insurance sum.

Insurance paid the first time & yet the city wouldn't address the ongoing sewer issues.

Quality insurance for the IRA is therefore a must. 

So rather than be approved for a set loan amount, you are really approved for a set monthly payment that includes taxes, insurance, etc.

It is also 50' from designated wetland.With that information, is this property a good candidate for title insurance, or could I get away with not opting in for title insurance?

I'm no planner but I will give it a go.Looks like you can have 50% lot coverage with a .4 FAR (2,000 SF of building).

That is simply because they are higher risk for the lender since they are not insured by a government entity and the lender will demand to be compensated for that risk.