All things to consider before I buy 1st property

[Michael Koncaba]

Hey all. 

I'm currently in the process of analyzing my first rental property, and the numbers all look great so far. Only thing is, I'm a newbie and havent even purchased a home so I'm looking to fill in all the gaps and make sure I have every bit of information and experience I can learn from before I pull the trigger. Here are the details. 

The home is in friendswood, tx. A very hot area from a few miles from where I grew up. Best school district in at least Houston of not the state, high population growth, very close to NASA, a mall and its coming in well below market (at least according to my agent).

My questions are: 

1. How long does it take to set up insurance once I own the home, and how much does it cost? 

2. Has anyone used renters warehouse before to rent the property out? What was your experience? 

3. Are there any key questions I should ask the seller? 

(I know to ask about potential major repairs, operating expenses, income)

4. When will I be responsible for the taxes? I think I'll be billed after year end for my fraction of the year owned times the total tax, that corrrect? 

I appreciate any help greatly, and anything else I might be forgetting. 

Michael koncaba