Just make sure the bed/bath count is correct as it can affect the income drastically 

I actually like them because the homeowners' association (HOA) usually covers most of the insurance, and there is very little maintenance required.

The most important thing is to ensure your loan is covered in the event of a loss.  

Hey Natalie if you're set on holding onto the property I have a great property manager I use for my STR's that also will cover MTR and LTR's.

I ran into 1) not covering RE in CA 2) not covering vehicle in CA 3) requiring all our insurance to be with the insurer providing the umbrella policy.  

It doesn't add layers of physical damage coverage or cover things that wouldn't otherwise be covered.

There are 3 different types of units, studio, 1 bed, 2 bed.

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

For example do you have a great w2 and can you afford to cover costs of a major repair or 3 months of vacancy?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.