The highest appreciating markets and those with the greatest rental demand/price- like those in Florida and Texas - also cost more to acquire and insure. 

I can guarantee you'll need documentation of lease, and rental insurance before closing on another home.

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

Our insurance policy for the project alone was well over $100k. 

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.

The ideal home price for you will depend on: 1) downpayment size 2) risk appetite, 3) preference for more cash flow or appreciation.Given our price points, our investors need to have 35-45K to start, on average.The typical cash-on-cash return on our properties net of loan payments, insurance, taxes, and property management fees is 6-8%.Ultimately, you can obtain financing from any lender, although we have partner lenders that can provide very competitive rates.

Deductible expenses include a proportional share of mortgage interest, property taxes, insurance, utilities, and repairs.

I also like to use incidental insurance as an additional layer such as Waivo to cover items.

And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.