- Do you purchase federal Flood Insurance for your rentals? 

This would be items like mortgage interest, real estate taxes, home owners insurance, utilities etc.Pro-rating the expenses have to be done in some logical methodology.If the units are of equal size - they should likely be 50% allocated to the personal residence and 50% to the rental property.if they are not equal - you can pro-rate based on amount of rooms or square footage.

You may have something written in the loan documents about the minimum ratio (ie. debt service coverage ratio, times interest earned, etc) that you need to meet in order to comply with their terms, so make sure you have the line items in your financial reports needed to calculate them.

Your loan documents would read as follows:John Doe (as to an undivided interest of 40%) and Jane Doe (as to an undivided interest of 60%)They would both retain 1st lien position based on their undivided interest percentage.

as low as 5% down on 2-4 unit, lower mortgage insurance premium and no upfront insurance payment at closing, and it's a conventional loan so stronger offer and less red tape than the FHA. 

So what documents do we need so that we get our money back when property gets sold?

I asked him for his license and insurance and suddenly he shy's away and I don't hear from him. 

And it Florida it is code approved and accepted by insurance.

If you don't have notice documented it can hold up the eviction process.

It really would be more of a watch the place, let subs in as needed, cut the grass in the summer and be the designated person my homeowner's insurance agent told me I would need if I would be living out of state.