Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.

There are no municipal-level rental restrictions. 

You can use form 3115 to catch up with any depreciation not previously calculated.If you have a condo, it is possible that there is no land allocation.Furthermore, if there were any assessments made by the Condo Association, you want to factor those in as well.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

I have a 6-figure land business & am just here to help (no affiliate links).The best land investing program I have seen is Jonathon Haveles with The Land Method and Land Riches Blueprint. 

You’ll pick it up in no time.

If he kept the house, then your statement would be correct, because there is no immediate taxation of insurance payout.

I know the larger companies around here were charging up to 25% but it will probably vary no matter where you are at.  

There is no current tax on rental income and capital gains.

No i have not seen this.