Why not spend some time me working your new job and rebuilding your credit/life?

Have you checked with the insurance company about an improvement to your rate if the fuse box is swapped out? 

Now I am in the market for home insurance.

I've heard of a couple 5% down options with PMI which drops off after about 7 years (as opposed to FHA insurance which never drops off).I really want to pursue these duplexes, but I want to be 100% sure that I can move forward with a multi-family purchase with 5% down or less immediately after.

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).

I've been thinking of getting one myself, but that hold cost seems crazy compared to my investment and insurance licenses.

Not on your life (or your money)!

Lets say a house flooded, the mortgage company would require the home insurance to repair it but what if they didn't have flood insurance or insurance did not repair to previous status could that property sell at a discount?

The only risk is if the company goes bankrupt (which in case I would then start self-managing), and the only costs I'll have to cover are potential structural damages (which would most likely be covered by insurance).Another plus side of having invested all cash, is that I will have potential access to lines of credit both for home equity (up to 70% of home equity), AND for future guaranteed rents (up to 60% of total 10 year rent roll).Already planning on the next property using the same strategy, but this time with traditional financing (looking for 100% mortgage).

There is nothing set aside as a cushion for when life happens.