After which I would need to refinance the house for a standard loan.

Mortgages are typically assumable...and it sounds like this is what the seller wants- you basically meet the banks credit standards and assume the loan.A wrap is the origination of a new loan that encompass the existing loan...Bottom line, this is not really seller financing: Seller financing (in a best case scenario) is when the property is free from liens and the seller creates a note and mortgage: i.e. they become the lender.

Brent Coombs My insurance on my rentals in Colorado is considerably cheaper than a standard home owners policy.

We are fortunate in our market that it is standard practice that tenants are billed back a portion of the water and garbage.Let's say the tenants each get billed back 30 per month, that's 300 per month and a total of 3,600 per year.  

(oh, and LLC formation fees are tax deductable also!)

Does anyone have any standard lease agreements to share?

The building is all stick, and the floors are like a fun house up/down. this could mean significant structural issues, or a lot of down time trying to fix these issues. it also needs a roof and lot of minor repairs to get it up to standard for this area.

I have found that Allstate has the best balance between deductible and pricing, especially if you are already an Allstate customer.  

He was even able to work his magic to arrange and escrow account for exterior painting on a standard FHA loan, which I was told by local banks wasn't possible.

Currently, given VA standards for the home, it's pretty hard for veterans to buy fixer-uppers and do the bootstrappey DIY thing that many of us would be naturally inclined towards doing if the VA would let us.