Add on insurance ($130 according to Realtor.com) and property taxes ($340/month per this online calculator) and you're at $3,105. 

Docs are drawn by lender or a paid doc prep company($1,495 = $795 underwriting + $700 admin), and title is not only examined but also insured by title ($1,032) ... and that is all way more than normal

You'd have to prove gross negligence to get more out of him - though most/all inspectors do carry errors and omissions insurance.

I just received a quote from my insurance agent on coverage for my first Multi Family property.

Does anyone know if properties purchased from either Montgomery or Bucks County Sheriff's Sales are able to have title insurance issued on those properties? 

I am in the process of renovating a rental property through an insurance claim after a recent fire.

Thank you so much for all the input.Yes I was extremely confused on this one because tenants are great tenants and Seller does not want to leave them in a bind and I think that is very nice of the seller.Tenants have been pleasant thus far and appear to take great pride in their unit.When you walk in, it appears as if you are walking into a catalog, they pay on time, have stable jobs and overall no complaints.One less vacancy at purchase would be great so thus being willing to make this work for all, without being tied to a lease agreement that I do not support fully as it is simply too vague for my comfort.I do however remain very conscious of the fact that I do not yet own the property so any such requests would really be overstepping my rights, if any at this time.Seller contacted us for input and thus the initially displayed approach, but I really do like and appreciate the comments here.I like too, that they in part support my decision to provide the lease ahead of time for review.So now I know that, I just cannot ask them to sign it, but have to wait.Thank you all.Follow-up Questions: According to Colorado Law, the lease will revert to a month to month once expired so @Deanna McCormick, can I then use January as the 30-day notice period or would I need to make that January and February?

If rents are 800x4=3200, then max sales price should be 320k.If he does not have a home yet, then go FHA, which is only 3.5% down but has PMI (mortgage insurance). 

In case if the units stay unrented, the borrower should have enough cash reserve with him to pay Principal, interest, insurance and taxes for 6 months.

Account Closed I am a big rural fan, and fortunately it doesn't seem to matter what state you're looking at, rural real estate markets will always be pretty affordable and stable.