Our insurance agent has been wonderful with finding ways for us to be insured with State Farm.

There was water damage from a pipe burst and some of the drywall and flooring has been removed by what the seller is calling a "professional company paid for by the insurance company".  

I'm starting to build my rental protfolio with a purchase in Westville NJ. does anyone have any advice on landlord insurance; calculating accurate figures as you assess potential properties, best providers, level of coverage etc. 

If we did a promissory note and a handshake, do you know how would the house insurance my lender requires work? 

Other concerns - I know many people don't want to be investors in houses in flood zones b/c insurance expense is so high for the investor (while it's much more affordable for a owner occupied property) - is it similar for a sinkhole? 

CA OR and WA have very specific laws as it relates to what you can and cannot do with a homeowner in foreclosure you should read those before you do anything.. they have severe penalties for violators..Once you figure what you can and cannot do legally.1. as Wayne above state Credit is trashed. your bringing no value there In West coast Purchase Money Deed of trust foreclosure  credit is trashed and bank has no right for a deficiency judgement. 2. 

Here are the rough numbers on one of the houses, both are similar:Total investment (acquisition, remodel, carrying costs) - $200,000Current value (after netting out selling costs) - $270,000Potential Rent - $1,500/monthI can do a refi and get my $200K back out of the project, that leaves me with a mortgage payment of $1,400 including taxes and insurance (assuming 30 yrs. at 5.5%). 

I am a home owner with a little bit of equity.

I've dealt with distressed homeowners needing help over the years and know a lot from that angle, but I've become interested in flipping and wholesaling, it seems like something I could do well, which can  help desperate homeowners needing help + provide some financial relief also to walk away from their home and avoid foreclosure.

But things get more complicated when a lot of these people renting out their basements illegally are also not paying taxes on the income... and then theres Insurance & liabilIty Issues as well. anyways, I personally am trying to find a way to do things as legally as possible.