The first mortgage, taxes, insurance, etc on this property have all been paid as agreed during this time.

This includes the seller maintaining property insurance in their name with the buyer added as additional interest and mortgage payments being made from an account in which the seller appears as bank account holder. 

Most insurance companies are leaving state by state and stopping to offer landlord insurance all together. 

And expect insurance to keep sky rocketing due to all these storms.

To prepare:Line Up a Cost Segregation Specialist: Reach out to a reputable firm now so they can review your property soon after purchase.Document Pre-Purchase Costs: Any fees or improvements related to acquisition should be organized for easier allocation.Tax Strategy Planning: Consult your CPA to align this with your overall real estate strategy and optimize benefits for 2025.This post does not create a CPA-Client relationship.

My wife are in escrow on our first rental property purchase (in the Columbus, Ohio market) and are underway with inspection, finalizing the loan, getting quotes on homeowners insurance, interviewing property managers, etc.

Make sure your insurance also allows for the AIRBNB. 

Does anyone know of straight software instead of a monthly/ annual service with a fee for a commercial real estate firm with less than 150 tenants?

example: Car insurance liability coverage is to $300,000. 

If investing out of state, I recommend building a team you trust including a realtor, property manager, lender, and insurance agent, and maybe even a mentor who has invested in the same area.