We also prefer our contractors have liability insurance.

Of that $500/m, $200 was the esgrow payment for taxes and insurance (I also purchased new insurance under my name with the sellers and their mortgage company as additional insured and that was put in place of the sellers insurance and paid through the mortgage with esgrow payments).

Lease to own: Lease for 2 years at $200 (cover insurance) and balloon at the end for $500 or so.

Annual operating expenses $12K, taxes $8500 and $1000 insurance.

The other unit's rent should be enough to cover your mortgage, taxes and insurance.

I love the central valley while more expensive than Charleston, the low taxes and insurance.

The fire happened several months ago and I actually filed a claim against his insurance company for damages to my home, but found out last week the policy was not in place at the time of the fire and therefore my claim will not get paid.

You best bet is to work with a title company for insurance and/or licensed closing agent or attorney for your escrow.

I'd be OK with a single LLC, good liability and property insurance, and an umbrella policy.

Around here if a contractors works too hard, he will lose his MassHealth (free/reduced health insurance).