Additionally, when you get to the property management side, there are clauses that completely misalign the incentives between owner and manager. 

Additionally @Jeremy Hua, central Ohio is more than just Columbus.

.- The home insurance after the sale (the new owner is the "insured") should retain the name of the previous owner(payor of the bank note) on the insurance as "additional insured" so as to not set off any alarms with the bank.- Use a 3rd party loan servicing company to collect all mortgage and escrow payments and make all appropriate payments to the bank lender as well as seller finance lender.   

There are limits on them and if your policy only covers 4 rentals, but you plan on acquiring more, you'll need another umbrella policy for the additional units. 

Several you should pay attention to are:- Ordinance & Law: Provides additional building coverage to deal with rebuilding costIncreases due to changes in Zoning or Building laws- Personal Injury Liability: Libel, defamation of character, wrongful imprisonment, etc.

He wants to pay off the price for the home and only receive the additional 10K he put into it.

I appreciate the additional info and for pointing me in the right direction.

I don't want to involve the parish continually as they tend to cause additional headaches.

He wants to pay off the price for the home and only receive the additional 10K he put into it.

Hopefully, you won’t have any flooding issues.BTW, builders risk which most of buy for flips doesn’t cover hurricanes or flooding anyway, unless you add it.