This may limit the options of insurers available to you so shop around.

I shop all of my insurance.

They do review the loan but we make payment a lot larger than the minimum payment (interest only) so it should not be an issue.We found that every bank or credit union has their own HELOC product so it helps to shop around.Good Luck!

The house has 3 units and I need to find homeowners insurance, I am been shopping around and the quotes are very expensive ($280 - $350 a month).

At this point I've built a relationship with a mortgage banker to get preapproved but haven't really shopped around yet so have a lot to learn in that realm as well. 

You still want to do old fashioned due diligence on reputation, experience, and security to make your selection.  

So for now I'm probably going have to shop outside my area to find more affordable properties, though I'm also very interested in the idea of partnering with others in my area.I'm on a mission to fact-find and network with other investors in this area and learn as much as I can, and eventually, share what I've learned with other rookies.

Hi Jessica, just to be clear, you are seeking to co-invest with others on a first position deed in fractionalized fashion where each investor owns a portion of the note based on their capital contribution? 

Shop, shop, shop.

He even mentioned a couple of things I had been worrying about and said they were not a problem -- or that I could fix them in an economical fashion that I assumed wouldn't pass the grade.