Okay here goes...........So on one of my apartment buildings I owner financed with a seller I was added as an additional insured.The seller checked with the insurance company weeks before we closed and they gave their blessing.Now the policy is coming back up for renewal in March of 2012.The owner of the property insurance company is now up in arms saying his employee didn't give the seller the correct info and that unless the seller shows ownership he can't renew the policy in March.The reason he said is insurers do not like to see additional insured because they think someone will commit arson and burn them down and make a claim.These buildings are 30 years old and it's hard to find another policy that is not very expensive for them because the policy was written and renewed each year before they hit the 30 year mark.Many new insurance companies won't touch a building that old unless all wiring,plumbing,roofs,etc. have been replaced so their will not be many claims written when they underwrite the policy.If the insurance gets cancelled in March then the underlying mortgage company would be notified which we don't want to happen.The seller has talked to her attorney (not the closing one) and have mentioned something about titling the property back to the seller but have an agreement stating I still have ownership in the property.I am not comfortable with that solution at all especially after all the work and money I have put into turning these properties around.The other option the seller mentioned is cashing her out of the 2 buildings early coming due in March for the insurance policy and then the other buildings don't renew until end of the year 2012.I am open to suggestions.Per the agreement I have years before I have to cash out the balloon note.

You might want to check the plumbing for leaks within the walls.

And with each option you have to figure out the dollar amount.But when you know everything has to go anyone should be able to look at it and say "well since it's a 2500 sq ft single family with a 2 car garage it should take me $85k (that's what it costs down here) to do a complete gut rehab".So if you're saying that this house needs EVERYTHING (siding, flooring, kitchens, bathrooms, all new plumbing, all new electric, new roof, CAC) then a contractor should be able to give you a range without looking at it.

I went to every department - new contraction, plumbing, electrical, conservation, etc.... and asked every question imaginable.

For plumbing to be inspected you will have to open it up so the inspector and look at it.

We've passed our HVAC, plumbing, and electrical rough inspections on the first try (Never any doubt), and we have insulation going in Monday.

Originally posted by Andy Collins:My problem is if I'm going to use a general contractor, I will also need to get an HVAC guy to look at that system, an electrician to look at that, I do use a seperate foundation guy, etc etc.Find a GOOD inspector, the guy I use has been doing inspections for over 20 years, he is a licensed electrician, has experience in construction, HVAC, etc etc,,,A good GC will know plenty more about all mechanical systems, electrical, plumbing, etc, than a good inspector.

He does roofing, plumbing, electric, landscaping, everything!

I rushed over to find the brand new bathroom with all new plumbing from the basement up had a faulty fitting that busted.

Also their has been about $500 in repairs done since purchase including pest control, plumbing, and lights/electrical.