On the specifics of this 700 a month program.. its small money and if you get inspiration from it then by all means.. but so many ( not saying you of course) will go into credit card debt for this stuff.. that's no beuno .. 

There should always be timeline contingencies factored into each projects specifics.

My question is around property insurance and specifically what are everyones MUST HAVE COVERAGES. 

On a positive note we did build a new house to the specifications of a specific tenant. 

As others have suggested, you can actually buy property with a specific IRA account.

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

It can help to ask them why they want the inspection and what specific concerns they might have.

You didn’t mention the property or deal specifics, but for many deals in the recent years, there have been amazing and unusual gains due to multiple unnatural circumstances.

Do you have any specific criteria or strategies that you find particularly effective? 

Are there other legal or financial consequences I should be aware of?