Good question- so I called my Insurance Company and they requested all of the HOA docs...Cert of Insurance, By-laws and CCR's copy. 

Just wanted to ask some questions on your estimated monthly payment with loan, insurance, taxes of $796.33.

Also, how do you verify that the renter has renewed their renters insurance policy? 

We would be depending on the rental income to pay most of the mortgage/taxes/insurance, but are concerned that Galveston may be too saturated with similar properties and that we might have a hard time getting enough renters to earn that income.We'd love to hear from others in the area who host STR property.

Appraisal (including insurance appraisals/valuations).2. 

What @Kai Van Leuven says is an option too, but you still need to know the rental laws because if that person doesn't move out when they promised, you will need to take legal action to insure you get the property back.I always tell a tenant that I had to file, but I will definitely make sure to cancel the eviction if they pay and/or move out before then.

I have a great insurance guy who is direct to over 40 national insurers, which means he is writing the policy to suit your unique needs. please PM for his contact.

Mold tester recommended remediation for the mold that was found but didn't express any concerns about the level of mold being a concern but I ordered the remediation right away since insurance is paying for water damage due to sump pump failure.   

You need to pay insurance, technology(key) , association, state and national association on top.

Warmly, - Adam  FHA mortgage insurance w/ 3.5% down is stuck for the life of the loan, eg you'd need to refi to drop it.There are conventional 3% and 5% down non-FHA options where it drops off once you have the equity without needing to refinance.