Quality insurance for the IRA is therefore a must. 

For me, I rent to a lot of college students, so this is standard to have the parents pay the rent.

So rather than be approved for a set loan amount, you are really approved for a set monthly payment that includes taxes, insurance, etc.

It is also 50' from designated wetland.With that information, is this property a good candidate for title insurance, or could I get away with not opting in for title insurance?

I think the standard requirement is that gross monthly income has to meet or exceeds 3 times the rent per individual  e.g If the rent is $900 and a single person applies their income should be $2700 per month. 

That is simply because they are higher risk for the lender since they are not insured by a government entity and the lender will demand to be compensated for that risk. 

Typically, the documents included are: Annual Financials, Articles of Incorporation, Budget, Bylaws, CC&Rs, Insurance Declaration Page, Regular Meeting Minutes, Resale Certificate/Demand, Reserve Report, Rules and Regulations.

House Hackers Who are you using for Primary Home owners insurance?

So for example if you buy a house, it will mention the payments you're going to make as well as tell you your obligations such as being required to have insurance etc.

I would strongly suggest that you close this loan through a title company, this way, you will find out if there are any other liens against the property and be able to obtain title insurance, to insure the transaction.