It covers your down payment and in most cases the closing costs depending on what state you live in or County.Focus on 2-4 unit multifamily homes first if possible because you can use 75% of the rents per month of each door/unit as income to qualify. 

I haven't turned over our estimates as I told our realtor that the estimates won't cover the real cost to us, which is higher due to loss of use (no rental income while work is being done) and time that we'll have to invest in hiring and coordinating the work. 

Insurance shouldn't be bad as this is a condo, so a lot of potential risk is covered by the HOA insurance.

I would say light rehab $30-$40/sqft - Moderate rehab $40-$60/sqft - Heavy rehab - $60-$100/sqft depending on what is needed

I guess my questions is: could I purchase one policy that would cover the tenants in multiple units?

Enjoy the beautifully landscaped backyard with a covered patio, pool, spa, and RV parking.

You must however make enough to cover the note on 2 properties because there will be times when the rental is not occupied2.

Being at a slight operating profit or break even is completely fine with my though as I'm not looking at this as some get rich scheme, it's a long-term investment.Based on this, I'm looking now more into getting a more utilitarian STR targeted at business travelers where the goal is similar to my LTR's, getting long-term appreciation and mortgage pay down and making enough cash flow simply to cover repairs. 

Much prefer the American album cover though... 

A GOOD agent will cover some, possibly all of these inside of there fee's.