However, after running the numbers accounting for insurance, PMI, taxes, vacancy, capX, property manager, etc. the property is estimated -1.85% cash on cash return (-$600/mo) once I fully rent the property.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Reason being, if something goes wrong, the PM is covered (and so are you) by the plumber's insurance and license.Apparently, this is around the same price other people around the US are paying. 

Make sure you update your insurance policy.

Alternatively, there are high-yield online savings accounts like Marcus or others - the difference is that banks have some inherent risk, thus the FDIC insurance. 

Taxes, interest, insurance and maintenance will eat into the profit. 2.

Quote from @Deborah Wodell: Just bought a place in an HOA where the HOA is under insured significantly, no litigation since we always check for that on every buy...

"Soft" Bridge loan from Midwestern Life Insurance Agency.

Guests normally don't like to be asked to cover damages that they caused and sometimes give a lower rating because we ask them to cover it even though they have COI that insures my listing.So I'm exploring the event guest screening option that they could put down the security deposit as well. 1.

A $200,000 duplex might have identical rents in municipality “A” and municipality “B” but the property tax rates will vary, local regulations will dictate licensing requirements, labor rates will vary & the particular location will dictate insurance premiums since insurance carriers will weigh local replacement costs and whether the municipality is viewed as being a “plaintiff friendly” in arriving at insurance premiums.Better situated assets will attract better tenants.