As for collecting monthly payments you hire a servicer for $20-25 a month and they will make sure there is insurance on the property, as well as escrow taxes and insurance.  

Their son burned their house and the insurance company moved them into a hotel.

The taxes are around 1680/year, and I'm going to guess insurance would be 30-40 a month (realtor.com estimate plus some).

They also provide the title insurance that you will need in case they screw up or something was wrong in the title search. 

I've even had people tell me that "it's perfectly safe, you can even get title insurance on it".

The only thing is I need to learn more about the Flood Insurance process and need more education about purchasing in flood zones.

If its in your personal name you should be able to find a policy that will package with your home/auto.

(Cash flows around $160 factoring including loan payment, insurance, property taxes, 5% vacancy expense, and 15% of rent for CapEx and Repairs.

Our insurance went to $1600 p.a. but we added it back into the rent but we had to accept exclusions for painting & any other flammable storage.

I found posts like this to be helpful when I was first learning about investing in real estate, so hopefully someone on here can get something out of it.Our goals were to cash flow $100 per month per door, have a cash-on-cash ROI of 12%, and achieve a total return of 20%.Purchase price: $179,900Our loan is a 30-year fixed rate residential mortgage at 4.25%25% Downpayment: $44,975Mortgage Payment (Principal & Interest): $663.75Operating Income$26,435 scheduled gross rents (4 units)$(1001) vacancy$600 garage rent$11 interest$26,045 gross operating incomeOperating ExpensesProperty Management (10% of gross rents): $(2543)Leasing fee for new tenant placement: $(550)Sewer: $(1397)Water & Trash: $(1232)Lawn care/mowing: $(350)Gas & electric during vacancy: $(228)City occupancy inspection aka government extortion fees: $(183)Maintenance & Repairs: $(3594)Property Taxes: $(2009)Insurance: $(983)$(13,069) gross operating expenseNet Operating Income: $12,976Mortgage P&I: $(7965)Cash Flow Before Taxes: $5,011Cash-on-cash return: 11%Equity Accrued: $2275Total Return: $7286Total ROI: 16%We hit our cash flow number almost exactly at $104 per door while our ROI and total return came in a little under our projections, but pretty damn close.