The HomePossible loan will likely be a better loan option for you than FHA if you have good credit, and it will save you 1.75% of the loan amount in FHA upfront mortgage insurance premium ($600,000 loan x 1.750% = $10,500 in FHA UFMIP). 

Hi Folks,I recently want to re-evaluate my rental properties insurances as well as looking into umbrella insurance to cover them.

You can accomplish same protection with good insurance. 

I played for the New England Patriots and now I own my own Insurance Agency.

You will be finding homeowners on your own and contacting them and signing a sales contract with them.

My idea so far is something along the lines ofReceive list of non-performing loans offered by a bank, Freddie Mac/Fannie Mae, some other source.Underwrite each loan to determine the price we are willing to pay, given the info providedSubmit bids on each loanPurchase the pool of loansReach out to each homeowner, determine whether new terms, deed in lieu, or foreclosure is best optionSell newly performing loans or foreclosed propertyDo I have it mostly right?

I added my year of insurance costs to upfront as well ;) ;) I do have a great team, I'm incredibly grateful for them all.

Looks like the owner deliberately set it on fire to collect insurance.

Is it common for a commercial lease to require tenant to pay proportionate share of the property owner's Taxes and Insurance?

You do have to pay transfer fees, taxes, insurance, recording fees, title insurance, etc... but youd avoid lender fees.