Holding onto it is a smart decision, and you're entering property investing in a solid position.To get started, focus on ensuring that the rental income will cover your mortgage, taxes, insurance, and any maintenance costs, leaving room for profit.

It's critical to to get references and work with BB&B-accredited and fully insured companies when this amount of money is involved.

Instead of using your personal income, employment history and DTI to qualify, a lender would look at the income or potential income of the property to make sure it cash flows after taxes and insurance are accounted for.

Other plumbing?

I essentially asked my insurance company how am I able to discern what percentage a breed makes up of a dog.

That's 5 months of profit gone just because the insurance company wants it done.

Any recommended providers I should run quotes through for homeowners insurance?

The rest of the cash is sitting in a Whole life insurance policy growing every day waiting for the next opportunity. 

@Aria SahaSave your $ and don’t transfer to LLC just get an insurance policy with umbrella policy

Being out of state, you will want an agent who has good relationships with reliable inspectors, title companies, contractors, property managers, lenders, wholesalers, insurance agents, other RE agents, etc.