Hi Benjamin, call three insurance companies and get a quote, start there first.

Please suggest the right way of purchasing my first rental property.ThanksRohit

Could you kindly let me know when would be a convenient time for us to schedule a call to discuss further?

I just received two different verbal offers that I'm willing to accept, but don't want to waste time with someone whose deal may fall through.What are my options to enter into a contract with someone who is qualified?

The benefit to the seller is that they don't receive all of their capital gains in the first year, but they will pay as they receive their money. 

I've never been to a pay laundry that didn't take twice as much drying as washing but not 10 times.   

depends on timing, seasoning, rents if it's on a DSCR loan. talk to a lender. 

Once you combine cash flow, appreciation, debt reduction, tax benefits, equity, depreciation, inflation hedge, rental increases over time, etc.

Any advice you would give to someone first starting out?

In some jurisdictions, you are liable for 3 times the value of the property if you lose.