Think why an owner would bother dealing with someone to collect 11% when they could put it in the bank and get 10% that is insured by the government in your hypothetical situation. 

Make sure the insurance on the place is paid up.

Especially since you can do a 4-plex, live in one with only 3.5% down (or something crazy) and NOT have Mortgage Insurance.

Looking for recommendation for insurance Agent in the area.

@Alex LocklearWhat did title company insure-was this an exception?

The clear winner is a large umbrella policy as it’s better coverage for most situations at a better price.

At closing you should receive:   signed promissory noterecorded trust deed/mortgageTitle insurance policyInsurance policy (if any)Copy of Deedpayment historyOnce you get the AOM, record it with the local county.  

I got my first offer and the  buyer asked for me to pay for a year of home insurance not to exceed $500.

The main hang ups are: I don’t have a lot of capital to spend on legal fees before I do 1 deal, BUT, I don’t want to run into serious problems on my first deal just because I didn’t know about a legal problem.Also, do I need insurance during the process of buying, rehabbing, or selling a mobile home, and if so, what kind(s)?

Make sure they have workman’s comp insurance.