I'm Tom Pappas from Victoria TX, specializing in custom container homes.

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.

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

I redid the master bathroom by removing the tub and putting in a standing shower with white granite looking tile, and a custom glass shower door.

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 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.

To expand, @Ben Whittington, Dennis Doss and Anthony Geraci’s firms can prepare a customized set of loan docs for you in any state. 

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

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.