I understand it has the possibility to change yearly but I didn’t expect it to almost double what the mortgage is on the property.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Folks who did not do this and saw rates double are hating life. 

Thanksyou're not LOL, Fl is INSANE, my car insurance doubles YES doubled just because I moved an hour south Do you have a loan if not then cancel flood ins,  

I hope your mortgage broker is a person of outstanding character but the fact is, he or she would be getting a double pay day in this scenario.

moving it to an LLC will not do much for you in the way of asset protection OR taxes (double check that with a cpa, everyone's tax picture is different). most people lean towards the LLC thing for legal protection, but a single-member LLC is a thin veil that's easily pierced. you'd be paying LLC fees & paying another LLC tax return prep fee, for what i'd say is nothing. if you do want to transfer the deed to an LLC anyway, you'd do a 'quit claim deed' with a title company or real estate attorney. if the mortgage lender ever says something you'll just give them proof that it's a single-member LLC and the one member is you (the original borrower). 

Add estimated costs of new flooring, paint, drywall repair, and countertops using the quality of products expected in that neighborhood and double that estimate.  

I'll double down on talking to a CPA because this is absolutely a situation where if you're strategic it'll make a world of difference. 

I don't mind overpaying... especially when I know a contractor would probably charge me a smiliar price and probably double if they had to do the exact same things my PMC will do. --- You're right it is a unique perspective....

Hitting a single or double in 3 months is better than waiting 18 months to find a triple, in my opinion.House-hacking is the quickest way to amass properties in Denver.