The other two don't take into account the time your money is tied up.  15% of ARV is great, if your flips take 3 months. 

Join local Facebook groups in surrounding markets, and you will get more insight into other investors' experiences. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I have an instance where two tenants, a mother and a teenage daughter are using 3X the water of the other set of tenants, which are two sisters.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

What other strategies do you know?

You have to deal with those area different than any other type of property.

That does not make one better than the other. 

I own two properties there, but insurance costs have skyrocketed.Lately, securing home insurance has become increasingly challenging due to the high risk of hurricanes, flooding, and other factors.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.