First impression was that the areas we went through could be called transitional in the sense that they were going from one gang to the next, and the drug of choice was probably changing often, but David reminded us that in every neighborhood there are good people, good families and good tenants that need a safe and decent place to live.

I am buying a condo by owner and the title company is my choice.  

(although friends B's  CPA is probably not a good choice).

Its a matter of screening all your tenant buyers and making sure that who goes in is a good choice.

You should see choices appear below the "Post a Reply" box.

When I bought the policy I was not given any choice between replacement value and market value. 

Other then that If there is really a TRUE emergency that requires IMMEDIATE attention the correct choice is to call 911.Congrats on the purchase and good luck whichever route you choose. 

Most states allow the borrower to make the choice to impound the tax and insurance or to waive escrows/impounds but usually you have to have 20% or more down payment.In CA the min is 10% down for the borrower to decide to impound T&I's or not (it cost more to waive impounds, about .40 points cost).Most other states require 20% down or more to waive them.Yes if you waive them you bring in less "cash," to close however its important to distinguish that these prepaids are just funds being stored on your behalf and are not "closing costs," in technicality but are required to be brought into closing to consummate the loan or transaction.Also the reason seller financing is less closing costs is because there is no lender, processing, underwriting, doc fee, credit report, etc.However, with a seller financed transaction you still have lender title insurance (I hope you have this), and the attorney/escrow fee, along with recording, notary probably,  exise and transfer tax (depending on which county or state you're in), prepaid interest on the seller carried note unless you negotiated the start date of your note at a future time or got some forbearance/deferment period.

Welcome Ronald, neat plan...Lots of mortgage pros can chime in on your options and the exact requirements, and on your property choice, I would make sure the condo/town home allows rentals and check some of the in depth pros and cons on renting these (some BP folks make it work others aver for sf or small multiplex, I like both)...You can search BP for forums on these topics...Best of luck

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