I'm assuming they'll need to have their own renters insurance because my homeowners insurance won't cover their belongings.3) I don't close on the property until the end of June.

After speaking with a CPA I actually ended up buying a life insurance policy with it that will pay me a pretty decent annuity once I retire.

You should be able to cut that insurance cost. 

Hey everyone,Im a licensed and insured GC in Staten Island, NY.

Also, the insurance policy shouldn't be increasing.

One thing you could pray for is a hail storm and insurance would pay for replacing it.

I already have one property that I got through a conventional mortgage that was CHMC insured.

So you'll need your LLC to have bank accounts, check books, address, everything.Or you can just keep it in your name and get an umbrella insurance policy.Also, if you do not have a ton of equity in your property, then you have very little for someone to sue you for... 

In my view, improvements the tenant does on their own without permission are either going to increase the value of my property, or they will be grounds for eviction and will be reversed using the tenant's deposit (and/or courts/insurance if more than deposit). 

With 20% down total monthly expenses (taxes, insurance HOA, P$I) payments would be approx. $1,500/month.