I use them for all my STR and MTR policies. comments above are correct tell the insurance broker/agency EXACTY what you are doing and they can give you the best policy 

If you have any local noise ordinances ect make sure any lack of compliance fines fall on them and are also a reason for lease termination if they occur. 

Should I hire a collection agency?

Todd,A Reverse Mortgage or HECM loan is an Agency backed mortgage that allows you to access a portion of your equity with no payment required, the interest you're not paying gets added to the loan.

To me this is a way riskier strategy, but I know it is because of my own lack of skillset in that strategy.

Starting a career in the real estate agency, I’m looking to stumble upon new opportunities to learn and open an ear to some of the well established agents out there. 

After pm forwarded my case (tenant did not pay rent) to collection agency, the judgement claim balance is $7,569.33.

This is when your job begins not ends  then responded “totally understand where you’re coming from and your concern about that, yes I will be selling this for retail and I will get some profit out of it however you have to understand most of that profit that is made through the retail system I’m paying for all the appraisals I’m paying for the closing expenses I’m playing for the agency fees I’m paying for everything else in between as well as all the demands from the bank you don’t have to worry about anything  you’ll be getting that same amount regardless if you wanna go with a realtor I bet you well however if you do go with that realtor at the end of the day you may even receive less than what I’m offering you at $110,000.

I think people struggle to own homes due to a lack of steady income which leads to foreclosures or unable to pay rent.

In some cases paying off a car or credit cards can actually hurt or lower credit scores due to a lack of credit or no revolving debts.