.* he had fallen getting out of a cab and he couldn't walk for the next few days* he had spent all the money we'd already paid him on fixing up his own house and couldn't pay his subs that weekSo many red flags and warning signs along the way.

@Assaf Furman the premium is based on the building value you are insuring, so without knowing what that is, no one could tell you if that is high or low.I'll PM you some additional options you may want to consider.

In addition don't forget that the rental income also includes a principle reduction amount that adds to your net worth each month.  

If that number factors in maintenance, vacancy, capex reserves in addition to both principal/interest payments and the taxes and insurance I would definitely do the deal. $2580 of annual returns on a $0 investment is a hell of a return. 

I remember my first purchase, as I had just walked out of the title company's offices with signed documents in hand, check handed over, and the place was mine.My only thought was: "Crap!  

With my guidance he was able to walk away with $450k in profit.

@Stephanie York  My clients often buy sight unseen, but I usually do a walk through and send them video.

I got an answer of "phone book" one time.All white interior paint schemes - see this during your walk throughDated lighting and plumbing fixtures - see during walk through100% occupancy (can suggest below market rents) - will show on rent roll and trailing 12 month P&LAll rents in increments of $25 (a lot of money to be made in smaller increments) - on rent roll2 - 10 year residents at rent rates below new tenants - on rent rollNo late fees in the P&L - on P&LSelf maintenance - ask owner/broker

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.