This morning I called my insurance agent, he was most cooperative, he called the local police to get a case number and said this is by now a famous incident!

Everything else is in order, except that the building owner has refused to allow the insurance company to add the lender as an additional loss payee (which as I understand, is both required and standard by lenders in order to be able to loan).Are there any other options here?

.- At closing:  Down payment, points, other lender fees, prepaid insurance (most lenders want you to prepay for either the length of the loan or a full annual payment), prepaid interest (usually interest till the end of the month), and standard closing costs (from your closing agent). 

The area seems block by block but nice and stable in general with lots of block clubs.

As long as you are closing at a title company with title insurance, you’ll be okay

What kinds of insurance riders will I need on the additional properties to cover the additional rentals/tenants?

I'll add the details for 2 of my properties that I'm on the fence about.1) Purchase price: 69kRenovations: 55kMortgage amount (principal, Interest, insurance, & Taxes): $1500Repairs / Vacancies: $300 Rental Amount $1800Holding costs until the Resale/ Refi : $12k ARV $185k 2)  Purchase price: 180kRenovations: 15kMortgage amount (principal, Interest, insurance, & Taxes &HOA in this case): $2100Repairs / Vacancies: $200 Rental Amount $2300Holding costs until the Resale/ Refi : $12k ARV $259kKeep the great responses coming!

Assuming they have insurance, it should cover this (less the deductable).Oren

Here is how it played out:Purchase $72kRehab $45kRefinancing/cash out at $125k with a note at $861 tax and insurance included.

Just make sure when you analyze the numbers to factor in all expenses (ie. maintenance, vacancy, CapEx, taxes, insurance, property management fees, etc).