We inherited the existing tenants, and thereby created our own TK at zero cost.  

They usually catch you when you change/add the name on the insurance policy, which you'll need to do to be covered.

If the seller is super motivated, you should be able to make the seller-financing case; assuming the down-payment covers any existing payoff (if not, you could do sub2, but I have zero experience with that).As far as question #2 above (N/O/O loan that isn't based on your personal income), I have recently come across Account Closed who has a 30-year fixed program for buy-and-hold.

4) Read all the minutes, rules, policies, financials, etc.

As you may know, FEMA is adding a $250 surcharge to NFIP policies that are not occupied by the owner.

Once you have a portfolio, THEN the cost and effort to maintain an LLC *may* be worth the effort.Be advised, it's $800/yr to keep an LLC in Calif AND the list of members must be filed annually.All the seminars taught the legal entity stuff (usually due to the vested interest in 'helping you') but IMO a good landlord insurance policy + an umbrella policy is sufficient for "well behaved owners".

If more than (2) you may want to get a commercial line policy, this would save you some $$. 

It merely "targets" the ...rate (or the range of rates, in this case) that it believes is in line with its policy goals.

I hit post too soon.Would a title insurance policy cover all of the things I should check for?

What is your personal risk tolerance?