Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once.

. $418,000 @ 3.125% on a 30 year fixed is $1,790.61 - what is the remaining $1,171 - taxes and Insurance?

Yes, I require renters insurance.

We require them to provide us copies of their licenses and be added to their liability insurance before assigning them any work.

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

The cashflow should cove ALL of the expenses for the primary (mortgage, taxes, insurance, utilities, etc) AND put money in their pocket.

As a medium-term rental, you'd be in better position to be connected with Insurance Company that way.  

I own a property management company in WA, including Yakima.Here’s a rough breakdown of costs:- Management: 15-30% of revenue- Cleaning: $100-$200 per turnover- Utilities: $150-$300/month- Maintenance: 5-10% of revenue- Insurance: $1,500-$3,000/yearTools like AirDNA or Mashvisor can give you a solid idea of income and occupancy.

Also I've been lending on quite a few deals in the area you're talking about since the hurricane how have insurance rates been looking in that area for you?

Add another $300 or so for taxes and insurance and you're at $2465 PITI.