Or does this include insurance and taxes for the year.

I never write them without adding in taxes and insurance.

Meanwhile are the taxes and insurance even being maintained on these defaulted properties.

I haven't done much investing yet as I have had a few setbacks in life but I'm getting there.

Make sure you take into account all of the perks that come with a job; Paychecks, benefits, health insurance, access to printers, office supplies, etc. 

That way YOU have control.Expenses come with this type of income ... it's just one of those inexorable facts of life.

@Julie Belton, the cap ex, repairs and insurance expenses seem too low to me.

If he pulls the old unit out a day ahead we provide window units in the interim (usually in the bedroom) until the job is done.I've never had a tenant complain about this but if they did I'd probably tell them stuff happens and that's life.

Right after you close get an insurance policy that protects you if there is a loss. 

You can charge the person that is buying the option agreement th 3-5% option consideration fee, but the legal fees and other costs that are there to insure your protection, is out of your pocket, since it is your option to use those services.