Besides purchasing my primary residence with my wife I have zero Real Estate experience.

Besides purchasing my primary residence with my wife I have zero Real Estate experience.

Basically, this is a blank check provision - not a good idea on a ten year loan with yield provisions as a pre-payment penalty.I have not checked the insurance requirements against our current insurance policies, but I'm afraid there will be more surprises. 

Many title searches/insurance policies supplied by REO title firms will not include, and have exceptions for, any unrecorded liens....such as utilities, code violation fines, etc.

I tried to request to the insurance policy and i was told that they can't disclose to me.  

Because it is held in a S corp the liability insurance is a different policy.

They then would have tried to subrogate the master insurance policy to pay for damages, or the board could have intervened and paid for the bills out of pocket.

However, many landlord insurance policies have deductibles up to $1000 or more, so even if insurance covered it, much of the bill would still be unpaid.  

We've started to take a more professional approach, recently automating rent collection, getting an umbrella insurance policy etc.

Speaking of which, if you don't use income minimums, immediately institute 3X or 4X income requirements.Having the income requirement coupled with the no co-signers policy should eliminate most students from qualifying for your rental.