The property must be purchased by a qualifying opportunity fund, which is formed using proceeds from your capital gains. 

I ask the title company for a proforma closing statement showing all costs and title fees way before the closing, so I know how to proceed.

She can just take down the listing and stay, even though she’s ALREADY MADE MONEY off of a property that I insure, maintain & pay for some utilities on?

My lender just informed me the detached garage is partially in a flood zone and requires flood insurance.

I haven't done a refinance yet but I can talk about the closing costs of my first deal (which I bought with a conventional 30 year loan):Underwriting fees: 600Appraisal: 675Title Fees: 1650Recording Fees: 150One year of insurance prepaid: 600Initial Escrow payment: 400So overall, I paid about 4k for closing costs as well, but I bet this also depends from area to area.

I've done a fair bit of reading and have learned to account for r&m, CapEx, management, vacancy, taxes, insurance, and accounting for the first year or two of building reserves.

Yes, and find out what the land-only value is...This is what a lender may only be willing to lend for...And, insurance to rebuild the 8 homes, in case of natural disaster?

It would be something I am interested in doing namely because after a year, she will have paid an additional month's rent (26 payments/2 = 13).However, just wondering if having 14 days payments in a lease will make it more difficult to proceed with an eviction process?

It gives tenant notice that you have not received rent and they have 3 or 5 days (depending on your location) to pay before you file for formal eviction proceedings.

Whats the down payment requirement and would you still need to pay mortgage insurance?