ThanksBuyan Michael Morton also wrote the standard DelREIA lease. 

Typically, the same applies to LLCs where you and your spouse are sole members.Actual Lenders Title Insurance states;CONTINUATION OF INSURANCEThe coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.

I would make sure you understand everything that goes into renovating in Maryland as the county is very specific and their codes far exceed standard building codes.

Do a standard screening weighing heavily on there credit report.

Yeah, the housing is not up to the standards that you or I would live in, but you always have two choices:  Upgrade and charge more, or don't and charge less. 

Qualification for a Portfolio loan would be based on how cash-flowing the property is, so make sure to have a solid idea of gross rents received, along with the expenses for the property (including taxes and insurance, maintenance, landscaping, any landlord-paid utilities, etc.). 

Here's a summary of the economics.They purchased the property for $280,000 in 2004.The loan balance is about $178k.Monthly principal and interest payment is about $1,265 with $709 currently going to interestProperty taxes are $4,116 annually and insurance is $1,000.Currently the house is vacant for the sale so there's no rental income.Therefore, the monthly burn is -$1,135 (ouch).For the sale:Property was originally listed at $335k and they received 0 offers at that price. 

What type of insurance should I buy under this condition?

, but in that open house-- we only got 3 applications-- a lot of people didn't realize we were serious about our qualifications/standards.

I also suggest touring as many open houses in the area as possible to figure your finishout standards for the area.