I don't use replacement cost, or rebuild cost. we insure for a stated amount. basically we self insure part.

@Greg Grant a pretty basic rule of thumb is to use 50% for expenses. 

I'm still studying the basics of CRE so need to look at a few case studies to get a better idea which way to go.

So apologies for asking you a basic question that maybe covered in this resource

This question is very basic, so you are best off using the search functions to sift through the forums as this topic is covered countless times. 

Saying that many people do deals this way may be true, but it doesn't mean it's the best course of action or most risk averse for someone who it sounds like is still learning the process and doesn't have the basic structure yet figured out.

Now I’m talking basic house, no real bells and whistles just a solid, affordable 3/2 keeping costs as low as possible.

Your case is different, where it is basically an alley that cuts through the center of the parcels.There will likely be records (a written easement for example) to be analyzed concerning your parcel/road.

You have 2 basic choices. 1) Transfer the property back to your personal name, complete a Fannie Mae refinance and then transfer it back to the LLC.

After those more basic needs are met, I want to be able to give back and make an impact, as well as teach and mentor young people.