Posted by Bob in Indy on February 14, 2000 at 16:03:43:
You should have the original owner sign a letter to the bank and the insurance company stating that you will be making the payments as part of your property management services. The insurance company should be notified via this letter that you want a landlord policy with $1000 deductable and that you or your trust should be added as a beneficiary. Be sure that these instruments have the sellers signature, their social and their date of birth. I rarely have the sellers call anyone, I handle this myself with these instruments.