W a Condo Im only responsible for the inner walls anything outside the HOa covers it.

When it was noted that the rent on the new property would cover the new mortgage payment, I received my pre approval.Best of luck.

Code Section 40-10-74 says: If the mortgage or other instrument creating a lien under which a party seeks to redeem is duly recorded at the time of said tax sale, the said party shall, in addition to the time in this title specified, have the right to redeem said real estate sold, or any portion thereof covered by his mortgage or lien, at any time within one year from the date of written notice from the purchaser of his purchase of said lands at tax sale, served upon such party, and notice served upon either the original mortgagees or lienholders or their transferee of record, or their heirs, personal representatives or assigns shall be sufficient notice.

However, after reviewing the P&Ls for 2016-2018, it seems that this property doesn’t even cover the debt!

Only if you have enough savings to cover both mortgages if the market turns bad and you lose your job and can't get a tenant for the rental.

They will be screened like everyone else;Once approved, they must pay a $50 administrative fee to cover our staff time;Tenant must review the lease and all addendums, agree to them, and sign them.Pretty simple but you should use this opportunity to develop a process and put it in writing so you're prepared for the next time.

@Pandu Chimata ,The gain on the sale of the property is not taxed until your 2018 taxes are due in 2019, but if you made a significant profit, you might want to ensure that your W-2 withholding, if you have a regular job, is enough to cover the extra taxes you owe on the profit or make estimated payments so that you dont pay any penalties for underpayment of taxes you owe when you file your taxes 2019. 

This is where I saw an opportunity.I saw the potential for my grandparents to leverage the equity in their two unit home to pay off their new purchase in full and have the rental income cover the debt service.

.- Should I keep the policy as is at $24k to just cover my initial investment?

If you purchased the property correctly, the tenant's rent payment will cover the mortgage.