Purchased Property via Tax Sale - Now What?

[Rick L.]

I just purchased a duplex via a tax sale auction this morning. This is all new to me, but I'm already working closely with a lawyer the specializes in the purchase of real estate at tax auction, etc.

Anyway, while I'm waiting to officially confirm ownership and confirm the title is clear, etc. At what point do I need to get insurance coverage? I've only been able to evaluate the outside of the building and cannot confirm the status of the inside. However, it's safe to assume their will at least be some form of rehab/improvements/maintenance made to the property. I'm assuming it would be prudent to attain some type of liablity insurance coverage so I'm covered with contractors, maintenance workers, etc.

What else am I not thinking of?

[Vince Mayer]

I have been told that you can't make a profit by insuring a property but only make up your loss so I'm guessing that you would insure it for what you have in it. There would be a specific type of policy for property being rehabbed.