These are all questions whose answers will help you chart the way forward ... there is no one size fits all answer.From an operational perspective it is always pleasant to know that your building envelope is relatively efficient (insulated and air sealed); that building systems (electrical, plumbing, HVAC and communications are up-to-date and dependable) and that you have the ability to put accountability for resource consumption in the hands of the tenants.  

An insurance policy on the members that buys out their share on death is a pretty standard method, for example.

Are you calculating for mortgage, taxes, insurance, repairs, vacancy, property management?

I reran a lot of plumbing with pex for the main floor through the basement.

what will be covered?

Also be sure to have both taxes and insurance escrowed to avoid a high price mortgage loan, or HPML https://files.consumerfinance.gov/f/201603_cfpb_tila-hpml-escrow_compliance-guide.pdfBob

When I factor in insurance and property tax my monthly expenses add up to $950.

My day job is a commercial insurance broker (P&C) for a large multi-national brokerage.

I'm having trouble getting a 3 family + storefront commercial property in the Bronx insured.

I don't want to put 3.5-5-10% FHA because the total monthly mortgage including property tax, and home owners insurance can be between $2200-2900 not even including utilities.We do live in southern california so housing prices are high.