@Jay Hinrichs any insurance companies that you can recommend? 

I've received quotes from lenders for different types of loans, insurance quotes, and should be receiving rental projections from one of the major property management companies in the area.

You can expect  maintenance and expences will be in the 50% range of the rental rate so your profit is dependant on insuring the lot rent does not use up the other 50%.

And our insurance really doesn't like short term/tenant-at-will leases.

Obviously, the owner of the property still needs to pay property taxes, insurance, utilities, etc. 

Home Owner Insurance Premium = $12007.

Lender sold it to me before forecloser docs were completed/filed extending escrow.5. get title insurance!!

@Lodina Cokleywhen @Jay Hinrichs says unsophisticated don't read it as he's saying YOU are unsophicated. his point (and a good one) is that commercial properties are generally owned (or represented by) more knowledgable owner/investor/agents who will spot a wholesaler from a mile away. like both folks before me stated, they'll require a POF and scrutinize that even before reviewing a LOI.Unrepresented residential homeowners are generally more flexible with the terms because they don't understand the process or right questions to ask to check it's actually you making the purchase.

Make sure you are using good % for your capital expenses, monthly maintenance, vacancy estimate, and property management fee on top of your taxes and insurance.

 I live on a 2 homes on a lot with my owner my landlady in the front house me in the back,Okay I got permission from my landlady to go ahead and put up a 16x 48 in pool then she's later comes to me telling me I need to get renters insurance and I need to put a gate with a lock.