One thing to remember is the flipper will have $30k- $40k in financing during flip and closing costs to buy the home then another $25k when they selll so that will play into the numbers that need to be considered. 

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

High property prices mean fewer people can afford to buy, so more people rent.

Hi Marc - Aircover offers some protection for damages caused by guests, but it’s limited and doesn’t replace having dedicated STR insurance.

We don't need sprinklers here, but if we would, I'd either do that or replace the lawn with gravel or something else maintenance free.

My strategy for the foreseeable future is 'buy and hold' with long-term tenants. 

When there is a sum of money in the bank, I’d rather buy another property than pay for fire damage, and I’m happier with the insurance coverage.  

Then interview them.Now, let's look at your issues:1) How did replacing a toilet result in a burst pipe and flood?

I’m weighing two options for our housing situation and would greatly appreciate your advice, given the complexities involved.1.Renovate and Buy Another Property•Invest to renovate our current home adding a bedroom to the house given our family outgrew the house.

Being an agent will take time to replace your income, 1-2 years.