All valid points here @Jules Aton.

I know if it were in the US I would explore a seller financed deal where we write a 15 year note for the property so that we essentially pay our cousins in monthly installments and take over control of the property.

If it takes you two months two find a tenant willing to pay $1,700, then you'll still basically break even in the long run - the net to you is the same. 

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

That is taking into consideration employees and 65 rentals, so I am sure you will be a lot cheaper.

A lot of buildings don't have a carrier willing to insure at all.

It's all in how conservative you are in your approach to underwriting your deals.Even when a Seller says they've improved the property, the tenants are still tenants and do damage to brand new improved units. 

The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. 

Take a look at the rookie podcast here on BP.

You'll find that rental property investing isn't scary at all and a great property manager can actually save you more money than they will cost!