I went high on the expenses, which came to roughly over $20K. assuming 1 unit to be vacant per year (83.3% occupancy).

LLC's are still the way to go but yes you can't tap into owner occupied mortgage tools such as HELOC's or high leverage.

Prices, generally, are too high.  

@Taylor Daschyes, we used propstream with our own custom design. not handwritten but a high quality photo.

.: 500K is high and will exclude lots of companies from writing the renters policy. 

So if your replacement cost valuation on the policy is not high enough to actually rebuild the property (oftentimes this is the situation when contractors are charging premiums because they are so busy with other losses), and unless you are personally willing to pay the shortfall to rebuild the property, the insurer will only pay you the depreciated (ACV) for your loss.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

There's a very specific ways to calculate FHA income, and it will be highly dependent on how the deal and your ownership is structured.

I will follow the advice here to keep high deductibles and low premium and save the premium for any contingencies later.

look for land with owner financing And I am sure you know this but location and safety will be paramount in the Jackson market there are simply areas the crime is far to high for this to be successful..