I’ve asked owners for rent rolls and expense summaries, including insurance costs.

Many of these distress houses are far behind on taxes and insurance and hoa fees, etc.  

FHA is great if you're going to owner occupy 2-4 unit, but conventional 5% wins on SF-- the mortgage insurance cost is lower and easier to remove.

Hello PA Real Estate Investors,I am looking for a title insurance company in the western PA suburbs. 

@Shelly Shanks For buy and hold the formula is relatively simpleAnnually:(Monthly rent x 12)- property taxes - insurance -property management fees - HOA fees if applicable - budgeted maintenance and repairs- expected vacancy - loan payments.This will give you your annual cash flow. 

(Technically I signed gave to the agent but agent haven’t mail out to him yet)He emailed me his renter insurance and he paid one month broker fee to the agent.Now before he move in he want whole place to be professionally cleaned and whole place to be paint.which is fine with me.Now he want a new ac, and new light bulb shelf inside the closet to be removed ( I dislike those requests ) and He has a mother who is little difficult.

Total cost      Monthly cost A/C unit (replace every 15 years) $8,000 $45 Roof (20 years) 10,000 42 Carpet (10 years) 3,000 25 Dishwasher (10 years) 500 4 Range (13 years) 700 5 Water heater (10 years) 1,000 8.5 Microwave (10 years) 300 2.5   Maintenance/repairs (minor) 125 Total   257Mortgage, insurance, taxes                            960Total expenses  =  $1,217/monthRent = $1,350/monthCash flow/month = $133

I was told in AL this is the only way to get an insurable title.  

He told me once that by not making car payments, insurance, gas money, that alone can fund a retirement.

A deal is a deal.Otherwise, obvious things to consider are two sets of closing costs, two sets of insurance premiums and property taxes, etc. if opting for two duplexes over one fourplex.