If it's above my level of ability to repair then I have a list of individuals who are reasonable priced and licensed and insured. 

Taxes are $500 a year and insurance would be cheap for me.Here are the numbers :14% Cap RateTotal Monthly Income: $375.00x50% for Expenses: $187.50Monthly Payment/Interest Payment: $134.90Total Monthly Cashflow using 50% Rule: $52.60One benefit is this house is two blocks from my house, and is in really good condition.What does everyone think about this deal?

I'm going to identify a homeowners insurance company to my lender in the next day or two.

The definition of Other non-interest income is:All non interest income of the bank not required to be reported elsewhere, including (but exclusive to):1.Income and fees from the rental of safe deposit boxes;2.Income and fees from the sale of checks, money orders, cashiers' checks, and travelers' checks; 3.Income and fees from the use of the bank's ATMs;4.Income from performing data processing services for others;5.Earnings on or other increases in the value of the cash surrender value of bank-owned life insurance policies;6.Rent and other income from Real Estate Owned.Alas, using the Statistics on Depository Institutions Report page doesn't provide granularity to see just the Rent and other income from Real Estate Owned.

They require 15% down without mortgage insurance (similar to what Marion is talking about).

There's no test or anything, just a couple thousand in insurance costs - but if you are flipping more than 3 per year, it's the cost of doing business.

It could simply be insurance costs or other normal transaction costs.

Unless you are very educated and understand the risks, don't put short term money into stocks, bonds, ETFs, etc.I would either payoff a primary and open a HELOC, as suggested earlier, or hold the money in treasury bills or an FDIC insured bank account.

The payment was not real large so from a worker's comp liability perspective, we are effectively self-insured for claims at this level.

@Wade - I want to agree with you - I know what I want, I have the language, etc.If I have in my offer the requirement for a a solid inspection plan, I get the official numbers and tax forms, I have a title search and insurance, and leases and estoppels, AND have a nice OUT clause if I don't like what I see, I just don't see what I have to have an attorney write all that up?