The cost of maintenance, home owner's insurance, property taxes, etc. 

@mau pan not sure how the laws work in pa but in Georgia you legally own the property the day of the foreclosure auction even though it can take several weeks or even months for the attorney to prepare and record the deed.So I always immediately get insurance, put utilities in my name and if it's vacant, get physical control and change the locks.Regarding the possibility of leaks, I always ask the water company to put service in my name, unlock the meter but leave it turned off at the meter.You can the turn it on yourself with a curb-key or a decent pair of pliers.

If you have any recommendations of any insurance broker regarding this then please do suggest.

Can anyone reccomend a great insurance agent in the area who specializes in Rental Property.

Our setup has us splitting losses 50-50 as added insurance to the investor and as a way to show i have skin in the game. 

I need affirmative title insurance coverage for these encroachments." 

Do you have some good insurance brokers to recommend who cover Broward County?

It does seem like a risk I wouldn't want to take.I'm sure you will, but be careful to use insured and licensed remediators for lead and asbestos, if for no other reason than liability. 

I know you're not keen on refinancing since you don't want to lose your current rate and you're likely not at the 80% LTV mark, but this path would free up your options and enable you to acquire another multi-family home sooner than saving up 15% down for HomeReady.Also, your current FHA rate of 3.750% will come with life of loan mortgage insurance of .850%. 

I want to make sure that the engineer's company has Errors & Omissions/Professional Liability insurance.