I've also read there are options where you agree to pay the first $7000 of repairs and the seller cover the rest.

Yes, there are things insurance won't cover, but there is ALWAYS risks with investing.Here's some copy & paste advice you may find interesting, hope it helps!

So at a  minimum you need to be firm that the rent is enough to cover your expenses (including insurance, PM fee, capital reserves for repairs)I'd go on Facebook Marketplace and on any Facebook Groups you find for KSU Housing and post it there (at a rent rate this is actually covering your expenses) and see if you get response. 

The main question a buyer has is this - "how much of my mortgage will this cover"

And in my opinion, his book covers everything a newbie needs to understand: from asset selection, to evaluating sponsors, to capital structures.

If your purchase price (always the largest expense) plus the rehab estimate (the second largest) total no more than 70% of the ARV, the remaining 30% must cover your HML charges, agent commission, property and hazard insurance, property taxes, title insurance, escrow, staging, all else, and your profit.

Your construction background covers much.

Rent out both units to cover the mortgage while we subdivided the land and built properties to sell on the back half of the land.Option #2: 1 year - Same as option 1, however, instead of building more units, sell off the lots to builders.

So for these locations, leasing to a car lot is a “tax payer”; no cash flow just enough rent to cover the insurance and property taxes and perhaps a moderate loan service.  

Otherwise, you won't have the extra funds necessary to cover the rising costs of goods and services in the future.What causes rents (and prices) to increase?