He’s been in business 15yrs fully licensed and insured.

I've been in the insurance industry for 10 years now and have owned my own agency for 5 years.

With P&I, taxes, utilities, insurance, rehab costs and roughly 30-35% (10 vacancy,10 management,10 capex and 2-5 for repairs) variable expenses.

For example, a medical bill that you thought insurance would cover, but didn't.

Ive worked as a Mortgage Loan Officer for a few years, an Insurance Agent for quite sometime, I also have about 15 years of construction experience.

I have a background in finance and my full time job is in insurance, but have always been interested in using real estate as a wealth building and passive income tool. 

That should help insure some sense of priority and trust to find the right "investment." 

I like the 70% Rule as a good guide to make sure you are getting a good deal, but when I crunched the numbers on the property I currently live in, using the 50% Rule I found I would actually have negative cash flow.Ideally I would rent the property for $1,400/month, my mortgage comes to roughly $830/month which includes the taxes and insurance in escrow, bringing my operating costs to $1,530/month. 

The building replacement costs (per insurance policies) is about equal to market value. 

Now after the title check is this gentleman free and clear if someone later on down the line claims a stake in the title (i.e. mechanic lien of sorts)..is this were title insurance comes in?