You can deduct allowable property expenses from that amount, which will help you calculate net rental income.This is because the “cash flow” is the amount received in rent minus what is being paid out, including the interest part of the mortgage payment, property taxes, insurance, and maintenance costs.

Additionally, how should I work with my insurance company/police/contractors to prepare for the worst?

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

@Raul Mena There’s really no need for an LLC at this time, but landlord insurance and/or an umbrella insurance policy may be a good idea to give you extra protection because of those other people living in your home.

If you have a co-signer with a stable income, that could significantly improve your chances.

To invest in these markets, connect with investors, research neighborhoods with stable employment, good schools, and low vacancy rates, and leverage local expertise.Good luck!

It’s a great area to invest but has its own challenges with rising insurance costs, reflecting the Florida wide issue. 

I'm currently analyzing a potential rental property in Houston and trying to quickly estimate insurance costs.

I know a lot of people love it, but the insurance is only getting harder to get and higher in price, Tampa is a good in between and yet booming market.