I'm a little leary to think that 6 nights (3 weeks * 2 nights) is going to be enough to cover mortgage, insurance, property tax, maintenance, cleaning, furnishing, 100% of utilities, cable, internet, etc. but maybe I'm all wrong. 

The way he arranged it might have even included some other mechanisms but I can't remember (life insurance, ira, annuity?)... 

.$3,000 in escrow for taxes and home insurance.Monthly payment will be $1,375 which includes taxes and insurance figured in.The monthly rent is $1,650 so that will leave me a cash flow of $275.To remind everybody this is a SFH that I purchased 2 months ago and should be appraised at around $210,000.

The one property we took back (DILO) cost us about $9,000 for a new water line as we didn't yet have it insured & we already had an offer.

Insurance is about $70, and there are no property taxes for a property under 75k in Louisiana, property management of $65.Rent increases about $30-$50 a year.I'm looking to cash flow about $215.

Can anyone offer any advice on lease structure and insurance requirements to get this started off on the right foot to allow for a win-win for all involved?

Financing and insurance were first up.

Hey guys,Any of you know RE and / or Insurance attorney in Michigan ! 

UNLESS its just a straight cash sale chicken guts feathers and all on day of closing then any old contract will basically do.. they either pay your full amount and you deed to them with title insurance or they miss the close date and contract expires.

But you need to be careful - some of the really good deals were severely flooded in the hurricanes and many require hefty flood insurance.