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Hello Everyone,I am closing on my next investment property next month and I am down to choosing between the below 2 insurance policies.I will have to admit - I chose the cheapest insurance policy on my first rental and I did not look at anything besides cost.I am looking at it with more detail nowFirst Insurance PolicyCost - $626Coverage - DP1 for $90,000Personal Property - $2000Premises Liability $500,000Medical Payments Per occurrence - $25,000Medical Payments per Person - $1000Deductible - $1000Fair Rental Value - $12,000Second Insurance PolicyCost - $730Coverage - DP3 for $249,000Fair Rental Value - $49,000Additional Living Expenses - $49,800Personal Liability $500,000Medical Payments to Others - $3,000Information on propertyOld property constructed in 1880.

If we refinance, I think I can get our payment down to around $400 per month, at which point the average monthly cashflow from our existing rental can take care of our primary mortgage and we'll have virtually no house payment (except for taxes and insurance).  

Hello,With regard to title searches, what actions are necessary prior to buying a house at sheriff's sale?  Do you take these actions on each property that you plan to bid on prior to each sale?Thanks!

Proceed with some caution, who knows what is buried in the docs and contracts whether inadvertently or deliberately.

A contractor is proposing to do the roofing and siding through my insurance, he says it will save me out of pocket money.

The advantage of CHBO is that they list with lots of other insurance companies and other marketing companies (like homeaway and sublet etc...) that market your property to those looking for monthly, short term rentals.  

He had data on the taxes and insurance.

I want to get my financing within an LLC and it’s very difficult to find a reasonable interest rate.I have worked 25 years to build a modest net worth and will not risk losing it in a frivolous lawsuit by not having the proper legal entity in place that only costs a couple $100 to create and protect my life’s work.People who advise that an insurance policy alone is enough are not necessarily correct in my opinion.

You don't indicate what your loan basis is - but on basis of $125K your Monthly P & I will be around $710 Plus Insurance & Taxes.