Do I need to purchase mortgage insurance for this property?

I just bought my 1st rental property last year and need some help with what costs to file for tax return.Turbo Tax asking to escrow fees for following categories:Abstract and recording feesLegal fees, title search, document preparationland surveytitle insurance transfer or stamp taxesexpenses you paid for the sellerThese are the expenses on the closing summary:Record deedrecord mortgage mortgage taxbank attorney feeHOA questionnaireflood certification feetitle examtitle insurance (mortgage)title insurance (owner)delivery chargelegal feesapplication feeappraisal feecredit report feewhich categories will the fees on the closing summary fall into?

As a rule those guys get paid to sell stocks and insurance. 

You can invest in anything that isn't life insurance or collectibles.

They do all the yard work and clean as part of their daily chores, etc. but the program charges a substantial amount of money that is paid by insurance companies, so they cram a lot of beds in each room because they are making money with more clients.

Who they are using for tax accounting, property management, general contractor if any, mortgage broker, due diligence company, cost seg, insurance company, and etc.Review the additional fees\costs, if any, and determine if they are out of the norm depending on the experience of the sponsorship team, investment strategy, and asset. 

If would be easiest for this transaction if I personally closed on the property, cut the $30k check and signed for the $500/mo (or whatever) mortgage, then informed him that he owed me $15k and $250/mo for the next 30 years.Then as rent checks come in (let's say 6 units at $800 apiece, so $4800/mo made out to the LLC), the LLC would pay the mortgage (-$500), the property manager (-$480 at 10%), set aside funds for maintenance/capex (another 15% of gross, -$720 in this example), any applicable utilities, taxes, insurance, etc (say another $500), that leaves us at 2600/mo. profit.

Account Closed have you considered cash value insurance?

If the only way you can afford a property is when you have rental income, you can't afford it.Without looking at a specific property, they can only tell you how much you can afford without the rental income.The biggest factor is your monthly payment vs your gross income.Lenders look at two ratios: living expenses and then total debts.First ratio - Total living expenses (mortgage, property taxes, home insurance) vs monthly gross income.

At the hearing I had my closing package that included a copy of the recorded deed and proof of title insurance.