Mortgage, we were shooting for 650, including PMI, insurance, taxes.

Then calculate the seller's cost to sell.....title insurance, taxes, ect...

This is does not insure a profit but is the closest way to figure that you won't take it in the shorts if you have to sell.

At least with a warranty deed and a formal contract for deed or land contract you can get title insurance with it and a formal transfer.

It must be proved that the title is clear and normally insured that it is clear or any buyer is not going to want to purchase it.

Taxes on a non-homesteaded house in most school districts is probably 2.8% +/- so figure about $4K/year, Fire and EC insurance is another $700-$1,000, I guess HOA fees are a few hundred a year.So, with NO VACANCIES, NO REPAIRS you're looking at less than 6% CASH ON CASH.

As with life insurance -- where for any specific age group an underwriter can predict how many will die but not which specific person -- so a debt underwriter can predict how much will convert but not which specific accounts will convert.

I want to know as soon as possible if there is something wrong with the title that is going to hold up the closing. 9 times out 10 the seller is paying for the title insurance anyway so "opening" title doesn't cost me anything.

I can call and get insurance quotes.

a lawyer is just like buying insurance.... you dont plan on having a wreck?