Fortunately I️ have good credit so getting a loan will not be a challenge  Would you recommend getting insurance when you buy a house? 

The property needs a lot of work, from full electrical to plumbing to new windows/frames, and wood stairs that lead to second story, just to name a few.

The other thing that is helpful is a list of cap ex improvements in the last 5 years, age of roof, Hvac, plumbing, electric, last interior updates, who's managing it, any city hazards/issues 

the other thing if its  a owner occ type loan there could be mortgage insurance.. and most banks sell their owner occ loans anyway.. now if your doing what @Levi T. talked about and going after commercial assets.. this was possible years back.my personal banker was in charge of their OREO and I got the list every week.. and bought a few subdivisioins from them they took back .. but this is small commercial bank where I knew the owners of the bank personally IE president and head credit officer.. and my banker is in charge of all the loan officers... and has banked me 24 years.. so yes its who you know.bigger multi billion dollar banks doing owner occ you can pretty much foregeta bout buying those in todays market.they want as stated to establish if they get a mortgage insurance claim and or they want to maximize profits.. there is simply not as much hangover inventory.. and or they will then sell off notes.. 

Who is responsible for paying property taxes and insurance?

Other things I’ve heard of is using a captive insurance company, but that’s more for the big guys who make a lot of money (think 500k plus) or putting properties in a C or S Corp and paying yourself a dividend.

Hey I was inherited a house valued around 30k with a LONGG term tenant, but haven’t had property insurance on it for a long time.

I've never really heard or seen anyone tackle the issues of escrowing taxes and insurance when setting up an owner finance deal.

Currently looking at a multifamily property.Purchase Price- $371,000Rental Income- $310025%  down with taxes/ insurance makes mortgage -$2,040The property is turn key and has been fully redone over the past two years.Is this a good deal?

It’s a quitclaim deed and no, the closing attorney is not going to help you violate the terms of your new mortgage (the very one they are insuring) immediately after you execute it.