If the mechanicals and plumbing are handy I bet you could finish the basement for $30 per s.f. 

In your other post you mentioned that you couldn't afford insurance on this property, and insurance isn't included in your expenses listed above.

Matt - thanks for the outline ...as you mention needing  financing  ...definitely get  yourself  pre approved  for whatever hypothetical scenario you want  to use  ...if you already have done this - great ...if you haven't yet done this - get it done before you begin looking  seriously  …….by doing this you will become more familiar with the  figures  involved and the  process plus you will be able to insure your financing is viable and available should you find a property ..thanks

If you have any recommendations of any insurance broker regarding this then please do suggest. 

That on top of the escrowed payment of 1 year of property taxes and insurance upfront (which was not disclosed to me, until I got a loan estimate) has also increased the down payment by $7,500.

If it's a specific job such as plumbing etc, get several quotes from licensed plumbers. 

What are some of your liability and insurance challenges in your area?

Refinanced the mortgage and property taxes and insurance are 700 a month each.

You guys will probably have to buy a house together personally and contribute the asset to the LLC if you really wanted an LLC(or get a good insurance).

@Aarti Bambha  Our group insurance agent  can work in both States.