:)If you don't have money you're not a buyer, any idea of what the engineering and inspection reports would cost.......guessing 10 to 20 thousand, title examination and policy aren't chump change, and not being closer on the value means an appraisal, maybe 5,7,10K don't know your area. 

You'll need a Builders Risk policy for flips, covers them while vacant.

As for title insurance, the title search is one amount and the policy is another and they do a new title search every time it's issued, so it shouldn't make any difference in the cost.  

The policy holder will be different than the property owner with an after-the-fact transfer.I would offer as @Tom MacDonald or xxxx LLC for now.

If asset protection is what your concerned with just get more insurance, look at an umbrella policy. 

If you do decide to do this, you need to make sure that your insurance policy covers an unoccupied property.

.#2) For more protection just get an umbrella insurance policy for an additional 2 million.

I fully expect to pay for insurance as I am assuming all operating expenses, but I am curious whose name the policy would be in?

My credit is 800+, would I be able to add my name to my father's policy and take out the home equity?

The cost for an insurance policy can fluctuate a lot depending on the location of the property.