You are correct that if you have the rental property in your own name, you can get a personal umbrella policy that covers your home, auto, and your rental property.

There is no substantial difference to the seller correct?

Roy you are very observant and absolutely correct about me being a SAR Tech.The market prices have been slowly dropping and I'd say it's a buyers market.

It ia possible to find a leak once they thaw.Weeks/months ago was the correct time to worry.Since this a is temporary (heat will be on by next year), use space heaters to thaw or prevent freezing if you can get power from a common area.I insulate pipes in semi-heated areas, and use heating cable covered in insulation wherever I have pipes in unheated areas.

Thanks @Aaron Montague appreciate your correction.

Our plans for the property is to fix-and-flip it, with some guidance, or at the very least, wholesale it.I guess I want to ask if we are taking the right steps and going in the correct order.I hope someone can help us.

I tried to @mention you in the reply I did above, but my @mention wasn't working correctly. ( But, I learned if you do @?

Also below are links about some Detroit's current funding and investment and where its going.Detroit to get $300 million in federal help - Sep. 27, 2013 - CNN Moneyhttp://money.cnn.com/2013/09/27/news/economy/detroit-federal-help/Ford Foundation donates money to help Detroit manage its federal grantshttp://michiganradio.org/post/ford-foundation-donates-money-help-detroit-manage-its-federal-grantsBill Pulte: From Home Builder to Detroit's Unlikely Blight Busterhttp://www.forbes.com/sites/joannmuller/2013/10/09/bill-pulte-detroits-unlikely-blight-buster/Gilbert: Tear Down All Of Detroit’s Abandoned Homes At Oncehttp://detroit.cbslocal.com/2013/10/01/gilbert-tear-down-all-of-detroits-abandoned-homes-at-once/Plan to eliminate blight in Detroit may top $1 billion, task force sayshttp://www.freep.com/article/20131212/BUSINESS06/312120137/Detroit-blight-Quicken-GilbertDetroit bankruptcy judge orders company to stop collecting casino revenue (Access to about $180 million a year that was flowing to creditors from its casinos)http://whtc.com/news/articles/2013/aug/29/detroit-bankruptcy-judge-orders-company-to-stop-collecting-casino-revenue/http://www.freep.com/article/20130903/NEWS01/309030148/Kevyn-Orr-William-Buckfire-depositions-Detroit-bankruptcyFederal, Foundation, City and Corporate Investment Areas in Detroithttp://datadrivendetroit.org/web_ftp/Data_Mapping/InvestmentAreas.pdfThe Auto Industry Bailouthttp://useconomy.about.com/od/criticalssues/a/auto_bailout.htm

Turns out, this shortfall was because I payed half of the transfer tax ($980) and was not properly credited for it on the HUD - the seller got this money.So - after the long intro - here is my question:Has anyone had any success after the fact getting a seller to correct an error like this?

As long as you have the journal entries set up correctly then this should work.