Your insurance company likely has a no smoking clause on your policy and will back you up as you suspect this.

One thing you may want to consider is some sort of umbrella insurance - that might be a cheaper option, I'd price out bother.

Your best bet is to consult with a good broker that has experience with business insurance and RE.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Your insurance may also not cover you or your tenants. 

Insurance helped with the first flood.

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

Only by reviewing past buy/walk decisions and market decisions will I be able to hone my chops for future decisions.

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.

FHA rates are actually lower than conventional right now even though there is a monthly mortgage insurance it’s not much in most cases.