I would highly recommend that you speak with an attorney that does this on a regular basis to ensure you are protected and to ensure the loan docs are legally binding - the loan docs are of course key to ensure that you have documents you can execute on in the event of a default (mortgage, note, assignment of rents, personal guarantee, etc.). 

@Efrem Debesay  Metal roofs do not seem to be as common in the city but, they do last longer and are less likely to have any leaks with one.

I have just been notified that there is extensive damage (an unteported leak caused by one of the tenants bidets) and an unauthorized pet in my rental home that may have also caused damage.

Review the docs with your insurance agent to see if the limits are correct.  

Depending on whether you use a "light-doc" program or a "full-doc" program, rates will change.

I don't know, but I'm guessing perhaps there was a leak/flood and the subfloor rotted, and/or pet urine that soaked into the subfloor, and/or mold issues? 

At $30-50/month it ends up breaking even but I have someone to call instead of the plumber that charged me $200 to show up and was charging $300 more to turn off the water to my house when I had a leak.

However, there are Non-QM loans that are either full doc or bank statement loans that will allow up to 80% cash out. 

Definitely agree that you shouldn't have a problem with this as most fix & flips can be secured with low doc private money loans.

We also used some contractors that I may not use again, as there is some leaking that we've had to deal with.