If so you should have a somewhat good understanding of what neighborhoods do and don’t have potential, start with the best neighborhood you can afford find the worst property in that neighborhood, that way you know you’re buying in a place where the economy is at least relatively stable and appreciation will be more likely!

You’re on the right track, and it’s a solid strategy to start with long-term rentals to build a stable income base.

actual mortgage, actual taxes, actual insurance, actual capex.with that said it will probably be closer to the 50% rule than using teeny tiny percentages for vacancy, repairs, capex, etc.

Storm damage would commonly be covered by your homeowners insurance.10.

- Insurance policies (some may not cover rent by room)- Friction among tenants regarding common spaces

Get the easy stuff first - rent roll and lease end dates, any bills the landlord pays - common area maintenance, maybe water, sewer, taxes, and insurance.

Carrying costs in purchase and or rehab is financed, cost of capital on refi, re-recording, title, updated insurance, etc. their are many costs at play after initial funding then to transition long term unless your straight cash on the front end.

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).

You should have insurance to cover fires.

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance.