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.

I have a accepted offer on a two family in MA with knob and tube wiring, but I'm finding it difficult to locate a company for insurance.

This our first insurance claim, so I’m not sure how this goes.

Do you have actual taxes, insurance quote etc ?

Consider:  who collects on insurance if the place burns down 95% through your rehab? 

and exactly how much is needed - even if 100% construction financing, there will be interest & closing costs, insurance, plus often fronting the construction costs before the draws are disbursed, drawings/plans/permits that may not be covered by lender's loan...  3) Agree who will pay for any budget overages.