We did pay two payments to Bridgewell, but that is all.  

I pay about 150/m for water/sewer/trash.

Every time we are able to get just enough to pay one bill, four bills come due immediately and we are back where we started.  

This truly gives an idea of what interest rate you were paying yourself over the term of the deal.

We have either a 1 year or 2 year lease, that's it.As far as keeping the tenant on the property, if they keep the property up and they do what their are asked to keep it up and they are paying with the late fees, I say keep them.

I knew the property very well and when running my numbers, the most I could pay for the property was $70K, maybe $75K absolute tops-- because I thought the property had great potential as long-term rental (not as a flip).

I ended up getting 3 roommates and collecting $900/month in rent while only paying $575/month mortgage plus utilities.  

Also, are there any back taxes on the property you would have to pay for, any backed up bills that are due to the city/utility companies?

If you are looking at a duplex, you would have to live in half in order to pay less than 20% down (maybe 15% some people say, but Ive never seen a bank loan 85% LTV on a non-owner occupied).To answer your question - I would have 4 months of straight mortgage payments PLUS your insurance deductible. 

If there is no loan involved and you are just paying cash it would be optional but again highly highly recommended.