Basically, I want to know how to best ensure that the mortgage (and insurance) payments are made in timely manner and that the seller doesn't use these checks for some other purpose. 

Reviewing closing cost details, I'm not following why I am paying 11 months of property taxes upfront AND as a monthly escrow payment (along with homeowner's insurance). 

make sure you get a licensed and insured contractor

Property was vacant and I know one title company would not provide a title insurance policy on it.

You’ll need rents paid to the LLC, checks written from an LLC bank account, insurance policies in the LLC name...everything. 

So first we bought this 6 unit in New London, everything was going fine until the insurance company did their inspection.

Hi @Eric Armstrong this isn't a lien option but umbrella insurance is pretty good coverage to have to protect you're equity. 

There are local association, state and federal and insurance often over $1500 on top.

You choose an insurance carrier and property management company (if not self managing) and if financing you work with your lender on final approval. 

Talk to an eviction lawyer as it’s conditional on how to do it Second, revisit your insurance costs because of the wiring is not up to date (most la properties are 1910-1940) insurance will not cover you.