Not sure how their program works but I've seen this personally a dozen times with the key part the insured not being aware...

Start by scheduling a walk-through to assess the property and confirm renovation needs.

It's rarely talked about, it seems.I looked at some listing in the Research Triangle in North Carolina but the cash flow doesn't seem great, especially there could be a major assessed value/property tax increase as there was a lag of 4 years in NC.

I would see how the home inspection goes (get someone good) and make a assessment than on how you want to proceed.

I am no professional here, just explaining from my experience.. first, insurance starts claim and they send adjuster out to assess, check damages, and collect documentation.

I only have a dozen properties but I’ve never used an LLC for any of them.

Since you recently purchased, yours was reassessed at todays values and theirs are still working off assessments from years ago (possibly) and the people you bought from likely had an old assessment as well.

First things first, when assessing property managers, it is crucial to prioritize their ability to collect rent and manage delinquencies.

Everything in between, someone else does that is professional, licensed/insured and has warranty where it's applicable.I operate in nearly a dozen cities, multiple properties in all besides one, and these are my systems in place. 

He looked at two of the dozens of properties and said he had seen enough and took a pass, on looking at the others.