Do I need to check with the insurance company?

For purposes of the home mortgage interest deduction and for the §121 capital gain exclusion, the IRS does treat the contract for sale as if you received title on the date you entered the contract.  

(I would like to think the Title company would catch this but, if water is in Tenants names you need to ensure they have not racked up an unpaid balance, because this is the one utility that will not follow the Tenant and will instead stick to the property, like I said I'm sure the title company should catch this but never hurts to be sure otherwise you may be facing the option of paying an extremely high water bill or having the water shut off.) - This may also be a question for your Title company first.In your inspection contingency  you would like to review most of the above during that time, can it be provided for your review then?

Here is how it can play out in both scenarios (there are more pictures on my website).FlipPurchase price $72,150 (includes closing costs)Rehab $40,353Holding costs $2,184AVR based on appraisal $150,000Closing costs on the sale %10,500 (7% includes realtor fees, concessions, and title fees)Profit = $24,813 (if we sold it at the appraised value relatively quickly.  

Plan is to go ahead and purchase, clean title and resell. 

How much is the typical home insurance with standard liabilities cost for multi-family units around Boston areas? 

But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

Assuming your mortgage is non-assumable, they bank has the option to call the loan due upon change of title.  

It'll get you familiar with writing and understanding contracts, negotiations, title issues, etc.

Our partnership agreement is that we both are responsible for the everything, 50/50.The question is, How do we put the title into an LLC, legally so the bank won't be able to call the note?