Hi,Regarding your questions:#1) I highly recommend you consult with a licensed insurance professional in your area, especially one experienced with landlord-specific insurance.

I am in University and have my Real Estate License and am planning to work part-time as an Agent once I pass my exam to make connections and to keep learning about my San Jose/Santa Clara Market (plus hopefully increase my income).I am saving all I make at my current job and am trying to understand at what point I can start looking to buy my first Property. 

Regulations:Given that New Orleans has strict rules for short-term rentals, make sure to fully understand the local zoning laws, STR permits, and licensing requirements for B&Bs.

The future owner would like to do the work themselves or with an unlicensed (and very affordable) contractor, but to get a permit they need a licensed contractor.  

Best regards,Ryan CheekIndiana Licensed Real Estate AgentNeu Real Estate Group

I am set to get my Michigan Residential builders license later this month.

Id get a price from a licensed plumber to fix what is known bad/ faulty, and an additional price to replace all that is a potential problem down the road. 

I am a licensed broker and handled the transaction myself.

Rental income, after allowable deductions, is taxable as ordinary income.Business Licenses and Fees: In BBL, you'll need a valid business license to operate an STR.

Below is a graph of the median list price since 2019.Contrast that to a market like Detroit where the median list price has doubled since 2019.I'm a licensed agent in Michigan, but I reside in California.