owner has not rented it out this semester due to do some rehab, actually did most of the bathrooms and they are in good shape, carpet is awful, needs paint, kitchen cabinets and better lighting. lower level apt needs gutted due to toilet leaking from above. here are the numbers:purchase price 330krents last semester avg=333/month, did not rent over summer, "I let them just leave their stuff til the next semester", my friend was seeing RED after this statement...expensesrents (if occupied at 333)=3663/monthtaxes 2200garbage =100 (actual quote from WM)water and sewage 525electrical=passed through to tenantPM=started looking, but quotes at 8-10%insurance= 300 (est.)planning on ripping carpet out and going with vinyl hardwood throughout, new cabinets in kitchen and paint, fix lighting and general clean up. plan to get rents up to 500-550 month, lease term 1 year. interviewed PM and he said they take one month's rent for placing a tenant, is this typical?

It would be odd to have no closing costs on a HELOC as it is a security interest like any other mortgage or deed of trust... so the instrument will need to be recorded, title insurance may be required, there may be closing fees and transfer or recordation taxes due, etc., depending on where the property is located.For those who think they paid no closing costs either the bank covered those or they in fact paid them because they were included in the first draw.

I am going to ask for more concessions and some things will have to be fixed to even aquire insurance on the property. 

First of all you mentioned PMI which is mortgage insurance.

Your mortgage insurance is obviously a lot higher, but the interest rate is also extremely low if I'm remembering right.To qualify you have to move to an area declared to be "rural" by the USDA.

.$600 pr mo payment 1350$ rental income 2 months go to insurance and taxes. $7500 pr year income assuming nothing goes wrong and 0% vacancy factor.  13 years payback to make my 100k equity.  23 years left on the mortgage. 

Loan servicers will assist in compliance.Closing/Wrap: Despite the legions of title companies, they are merely insurance agents. 

I also think that you should expect about $100 a month in insurance.

But you’ve found NO motivation... so TODAY they might not be motivated, or next week or next month but your marketing and constant contact will insure you are who they turn to when motivation appears I’d suggest other avenues, try whatever is comfortable then also try whatever is uncomfortable.

You not only have a safety issue, but your insurance company may not insure you if something was too happen, you have a code enforcement issue, and you are exposing yourself to legal issues if someone gets injured up there.