Keep the funds away from your day to day accounts.Check your insurance.

You’ll want to consider the purchase price, HOA fees, taxes, insurance, and the rental income you can realistically expect.

This will allow you to run specific underwriting and projection tools to better assess each option.Remember, owning a property with a pool comes with added expenses, such as heating, emergency and routine maintenance, and higher insurance costs.

Umbrella Insurance  is a good way to protect assests or some people use both .

I'm with a national commercial brokerage firm with a lot of experience with Postal leases. 

If so, what type and amount of coverage do they have carry for them.Secondly, I'd ask an insurance agent I presently use for advice, given your situation.

As for insurers not renewing insurance in certain zip codes it happens all the time. 

Factor in the down payment, closing costs, and potential renovations.Cash Flow Analysis: Ensure the rental income from both units will cover your mortgage, taxes, insurance, and maintenance costs, leaving room for profit.

Plus I pay his insurance .. its taken 3 years so 300k a year and I do all the admin etc..

Property taxes and insurance are typically the two biggest recurring costs.