Keep in mind that many of these cheap homes are selling for less than a third of their insurance replacement value, which really means that the land has negative value - let that sink in.Most buyers who can actually qualify for a mortgage will get a PA for $200-300k and desperately want to upgrade their life.

Does the 60% the condo-hotel takes include the HOA fees or utilities or replacement of furniture/repairs to the unit like plumbing or stuff like towels and sheets etc?

Will be far easier to purchase more property with 10% downpayments vs 20-25% for each one.Umbrella insurance isn't too expensive, $2M for $1200 per year.Just be sure to run the properties as a good business, address any concerns brought up by the insurance company (they usually do annual inspections). 

New HVAC, plumbing, electrical, floors, kitchen, baths & added a deck. 

I believe they expect us to rollover and let our insurance company handle it and just settle.

Does anyone know which insurance company still writes landlord policy in Richmond area/Condo (94804)?

There is a cinder block structure on it now that is basically a 1BR, 1BA shell with plumbing fixtures, but no kitchen.

If you are doing a BRRRR and leaving older items in place, not updating electrical and plumbing, I think you need $300 t0 $350 if you are just getting started.

I would add that this is a geat time to reassess not only insurance coverage but any recurring expense as well as maintenance needs.

Obtain insurance under the LLC.