Now I have to battle the insurance companies.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

I believe solid insurance and a good umbrella policy will suffice.

I have already shopped insurance, and the sellers are providing $5k towards prepaids/closing costs. 

I just have vacant home insurance along with regular home insurance, but no other professional liability insurance.

The very basics would be getting your furniture and shopping list together, keyless entry like Schlage (with backup lockbox with physical key very close as well), looking into insurance, local taxes for STRs, and moreAlot of ways to save time and make it easier to self manage with a property management software like Hospitable and data research like AirDNA.

@Jinglei ShenThe insurance of $1,400 a year seems pretty high in my opinion.

The highest appreciating markets and those with the greatest rental demand/price- like those in Florida and Texas - also cost more to acquire and insure. 

Does renters insurance cover something like this?  

@Nathan Frost uhm, not sure you understand Detroit market.Motion lights & cameras may work half the time at best.Too many insurance claims will get you cancelled and eventually black-balled.But, what do we know after 24 years in the Detroit market...