It helps cover your mortgage and gets you into real estate investing early.

You should have insurance to cover fires.

These agencies often cover vacant or under-renovation properties.

Access roads and if multiple are needed for each unit.City regulations and zoning.Impervious cover requirements or percentage across the whole lot.Drainage per units built. 

Mostly worried that even if I find a place and the money, that I'll be making a big financial mistake and have little left to cover unexpected costs.

We made to make some upgrades to cover the number of people but haven't had any issues other than normal maintenance yet. 

Being clear about what’s covered in the lease and by local laws can avoid misunderstandings and set their realistic expectations.If you do plan to carry out the cosmetic upgrades (because the property is overdue and of course you want to ensure your tenants are enjoying their home to the best of your abilities), try to schedule the repairs at times that minimize disruption.

Renting it out now could help cover the mortgage, and you’d benefit from any appreciation over the next two years.

Since then, I increased my security deposit to cover more than a half month's rent should I need to use it.

I’d prefer to avoid double-paying for insurance if possible.Additional Note: This property will be used as a short-term rental, which adds to the complexity.Any advice on how to structure the insurance to cover all bases without redundant costs would be greatly appreciated!