., major systems like plumbing/electrical)Full Gut/Studs Down: $85-$120 per sq. ft.Luxury Finishes: $150+ per sq. ft.However determine the Rehab Costs are only a part of analyzing a deal, you also have to focus on determine the After Repair Value of the property in the specific Area/LocationIf you’re focusing on specific markets and ever want to discuss analyzing deals or strategies, feel free to connect, Our firm would love to help you!

I believe solid insurance and a good umbrella policy will suffice.

The very basics would be getting your furniture and shopping list together, keyless entry like Schlage (with backup lockbox with physical key very close as well), looking into insurance, local taxes for STRs, and moreAlot of ways to save time and make it easier to self manage with a property management software like Hospitable and data research like AirDNA.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

The insurance would not be valid for two reasons:1) the insured “individual” is no longer the owner2) the insurance was for an owner occupant, not a rentalMost people DO change the insurance to reflect the llc as owner and as a rental.

I have already shopped insurance, and the sellers are providing $5k towards prepaids/closing costs. 

From what I saw for the most part the big names you typically hear in insurance typically performed well for people. 

@Nathan Frost uhm, not sure you understand Detroit market.Motion lights & cameras may work half the time at best.Too many insurance claims will get you cancelled and eventually black-balled.But, what do we know after 24 years in the Detroit market...

I just have vacant home insurance along with regular home insurance, but no other professional liability insurance.

@Jinglei ShenThe insurance of $1,400 a year seems pretty high in my opinion.