We also have some savings bringing our total assets to about 600k.

I am just saying what I see and what you see and what someone else see may be totally different.

Then as you execute your plan, give yourself the point total that you have earned.

I totally agree with Brent and Ralph.

If property insurance lapses Lenders can do what's called "forced place insurance" on your mortgage.Generally the lenders buy the Cadillac plan that covers everything and escrows the payment into the total mortgage payment due.It is much cheaper for the borrower to have their own insurance then for the lender to force place it.He could always accelerate and foreclose depending on how costly and time consuming that is for that state.I would think foreclosing and accelerating the note would be the same motivation as when a tenant tells you a few more days and you will get the money and you file eviction and the money magically appears.It seems if he sends the foreclosure and default notice the buyer will know they are serious.

I'm in my 30's and my long term goal is buy homes over the next 20 to 30 years, turn them into rentals and hopefully have enough homes that can position me to be a good place financially when I retire (I also invest in Roth IRA's, so I diversify a bit).I'm totally new to all of this and I'm wanting to find a community of others that have done this (or trying to do this) to get your insight.

Property consists of 7 buildings in a 10 building complex, mix of 1,2,3, and 4 bd units, 4 5plexs and 3 4plexs for 32 units total.

Sounds like the estimate from them is based on closing on the 15th, so if another date is used then the numbers will fluctuate.The unknowns are unknown, otherwise the things would be known and itemized on the estimate.Now, if the lender will be escrowing taxes and insurance, then the determination of the disbursement schedule and resulting "low water" escrow balance (1/6 of annual total due to be paid into escrow) tends to move a bit when the settlement date moves.

Those PRO areas are the areas where you can solicit business, partners, financing, deals as well as the places you can promote your business, deals, financing, offers, and so on.The FREE Q&A areas allow you to ask any real estate related question as long as you're not soliciting, advertising, or promoting.That said, the $5/month for our PRO Basic account is a pretty good deal considering the average post in our Dealmaking and Marketplace areas sees hundreds to thousands of views.The total tally of free to PRO forums is:58 FREE Q&A forums / 12 Marketing & Advertising forums (PRO) / hundreds of free Group forumsI hope that clears things up for you.Here's the complete forum list.

This is not taxable income.If it is on a rental property than he needs to spend the total 13k replacing the property within 2 years of the year the insurance paid.So if the property burned December 31st, 2010.