In short, this is the exact same process as any other transaction...contract, title, close...some thoughts...Down- 25k is a bit light (even though this is all relative...I personally offer 10% down to open and some folks are fine with that)...I would ask for 20% down to protect the interest of your client...the buyer would get a 75% LTV product from a bank if they were not occupying the property.

After closing fees, Commission, I netted $29,400 which the title company screwed up and told me 31k just the day before...annoyed at this point.I bought another house for $212,000 doing a double close same day, the note is for $208,160 @ 5% interest, not the greatest but with two businesses my credit score has taken a hit significantly.

What does landlord insurance cover if you're investing in an apartment building with 100 + units?

However, I'm a little confused as to what type of insurance I'd need?

(loan against my dot/note)$50,000 1st position deed of trust/note (only lien on title)Secured by $450,000+ newly remodeled property with clean titleNo interest rate, past balloon date so can be called due at any time (was placed as interest in home)Property is titled to an LLC so homestead exemption wouldn't apply in event needed to forecloseLooking for a short-term loan using the note and deed of trust as collateral. 

Get names, titles, and possibly phone numbers, then start calling.Back in the late 90's, those two questions alone got me more great appointments and contacts than I could ever hope to keep up with!

I'd get actual numbers where possible like on taxes, insurance, utilities, yard & snow removal, etc then add 18% if hiring a PM to 'take care of everything.'

Or should we operate as sole proprietors and use liability insurance to protect against lawsuits and have access to conventual loan sources? 

Any recommendations for insurance on a 3 family in Rhode Island ?

I recently purchased a property and purchased landlord insurance.