Questions about first rental properties

[Derek A.]

Hello this is my first post to BP after lurking for a long time. I have just closed on my first flip as of today. I am looking to reinvest the funds into rental properties. I currently have 2 separate properties in mind and hope to get them both. The first being a duplex. The seller states each unit is currently rented for $495 per month. I am looking to purchase this property in cash. The second property is a sf residence and the seller has stated he will consider a contract for deed. All of my business will be conducted through and LLC. I have a few questions and would appreciate any advice.

-Should I verify the duplex tenants are paying their rent and how should I do this?

-What will need to be done if purchasing the duplex with tenants who have a lease with the current owner?

-What type of insurance do I need? Can I get one policy to cover all of my business dealings or do I need separate policies for each property? 

-Can I rent out a property that I purchase on contract for deed?

-How should I collect my rents?

I am sure I have other questions that are not immediately coming to mind but any advice would be greatly appreciated!