You need to pay insurance, technology(key) , association, state and national association on top.

Warmly, - Adam  FHA mortgage insurance w/ 3.5% down is stuck for the life of the loan, eg you'd need to refi to drop it.There are conventional 3% and 5% down non-FHA options where it drops off once you have the equity without needing to refinance. 

However, if you're torn between 2 great options with one being familiar and one not, the familiar one breaks the tie IMO.If you're looking to use the property as a short-term rental, the following locations rank as the 5 best places to buy in 2018 (according to a recent report): Panama City Beach, FloridaChicago, IllinoisNapa, CaliforniaTulsa, OklahomaMemphis, TennesseeYou'll also want to consider any additional costs that may be required to effectively run the rental depending on the location and condition the property is in when it's purchased; including home upgrades, management fees, taxes, insurance, and utilities.Before you get in too deep, though, you'll want to check in on the local policies, rules, and regulations to ensure all of your bases are covered.

A properly designed permanent life insurance policy is the underlying asset. 

It is my understanding that I have to wait four years to get title insurance. 

Also a concern here is the addition being an approved/permitted spaceSection 8 not withstanding if the addition wasn't a permitted addition you'll likely will be taking a significant risk that should a tragic event take place there with a loss of life or serious injury you'll have no place to hide as most insurance companies will not pay your claims plus the civil and criminal penalties are severe!

Taxes, Insurance, HOA, P&I.

When this happens it makes sense, but this is not the norm.this is old news but I think read an article I forbes about the FLA tax liens and that insurance companies etc were happy with 5% so they bid everything down.. and placed large blocks of what they felt was secure money at better than CD rates.. ?? 

I'm using Eerie Insurance. 

Let's say you buy with FHA 3.5% down and pay $500/mo in mortgage insurance, a few years have passed, and now you have 20% equity.