Hello @John LeavelleProperty 1’s mortgage, insurance, and taxes is $445 and rent collected per month is $950.Property 2’s mortgage, insurance, and taxes is $800 and rent collected per month is $1,200.Would the refinance cut that much from the cash flow?

As for collecting monthly payments you hire a servicer for $20-25 a month and they will make sure there is insurance on the property, as well as escrow taxes and insurance.  

Their son burned their house and the insurance company moved them into a hotel.

The taxes are around 1680/year, and I'm going to guess insurance would be 30-40 a month (realtor.com estimate plus some).

They also provide the title insurance that you will need in case they screw up or something was wrong in the title search. 

I've even had people tell me that "it's perfectly safe, you can even get title insurance on it".

The only thing is I need to learn more about the Flood Insurance process and need more education about purchasing in flood zones.

If its in your personal name you should be able to find a policy that will package with your home/auto.

(Cash flows around $160 factoring including loan payment, insurance, property taxes, 5% vacancy expense, and 15% of rent for CapEx and Repairs.

Our insurance went to $1600 p.a. but we added it back into the rent but we had to accept exclusions for painting & any other flammable storage.