I just spoke with my insurance agent and he mentioned that I am unable to hold a policy on a property that I do not own (Since deed will be transferred, I can not hold an insurance policy on the property), so how do I go about fulfilling my lenders insurance requirements?

RV rentals can do well, especially in popular outdoor destinations.

You could do a cash out refinance or even look at a balance transfer at 0% for a couple of years.

You can do that in NC and you can do that in AZ.

What's the best way to do this legally? 

I'd recommend this strategy for a new investor vs. doing a HML on your first deal. 

This is what I advise my realtors on how to do due diligence on offers with preapprovals:1.

What kind of planning do you do throughout the year to minimize your tax liability? 

I generally work with home owners looking for long term management, but I do work with a local broker with access to off-market deals, and he sees a lot of activity in the area.

We would also calculate two different "worst case scenarios"...what if they don't pay and what if they do...then go with the lowest strike price as our ceiling.