I had a new PML ask me about the difference between a Loss Payee and a Mortgagee so I thought I would share some commentary from my insurance agent partner on the subject: Quick point of reference between the difference between Loss Payee and Mortgagee:Mortgagee: the Lending company/entity that lends the money for the propertyLoss Payee: an entity or party that has an insurable interest of said property.

You can also search for real estate associations in the area, utilize websites such as neighborhoodscout (there are several others like this, which I'm sure you will also find in forums/blog posts), and sometimes even local entities such as title companies will put out information on their local market that has great info on demographics, price points, growth areas, etc.Long story short - there are ways to get all the information you're looking for but in some cases it may take some extra effort if you're not working with an agent or property manager.In any case, wish you the best of luck!

Is the home owned in your personal name or entity?

Your over thinking it big time @Loren Martin.If doing LLC thinking it's going to give you some magical iron curtain of protection, I suggest you read MN state law regarding entities and how state considers them.

LLC as passthrough entities (usually) for tax purposes 

However, I am unsure as to what the best type of entity would be to set that up (from a personal liability and tax liability stand point).I've been investing in real estate locally in the U.S. for over 10 years, but this is something new for me. 

-You Must Disclose Your Relationship with any Company, Website, Guru, or Other Entity that You Comment About-No Advertising, Sponsored Posts, or Promotions Outside the Classifieds ForumI would recommend reviewing our Rules and Regulations here for the complete breakdown, and encourage you to reach out to me or any members of our Moderation team for questions on a specific topic!

You could also purchase the entity that owns the real estate, assuming there is one.

She'll be sharing valuable insights on maximizing your tax savings, avoiding legal entity traps, and steering clear of common tax mistakes, even those made by CPAs!

I don’t know your background whatsoever, but if you are a first time with not much experience, you should think twice about entering into an agreement where you are at the mercy of two entities (the program inspector & the tenant) that determine whether or not you are fit to get paid by them.