I made the mistake of letting someone get in one of my first units that was a bit off the 3 times, they were great tenants very kind and enjoyed their stay and experience with me, but could not afford it when I increased the rent on them, which is something you will have to do because of rising insurance/tax costs.5.)

I'm going to ask my insurance company.

That said, I can totally be off in any of those assumptions - that's what they ultimately are.. guesses.. but they are guesses based on reading a lot, researching, talking to people, and adding a padding that I thought would be "fair" for the items that are not actually factual (ie. insurance/loan/etc). 

Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once.

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

Higher insurance, capex, reserves, etc.  

When it was all said and done I still ended up being able to pull about 5 to 10k more out of it than I put into it.Current mortgage including taxes and insurance is $1,519 and it's currently rented for $2,546/month.Yes, you can buy a house at auction that you then flip and sell for market value.And yes, I have participated in online auctions.This reply is over a year old, but did you have the hard money lender you were using already in place before you bid?

The home will need some work, but I am excited about it.I would appreciate any recommendations for a reasonably priced insurance company for the unit while I am rehabbing it.

But of course Like I said you pay somewhat of a premium over the cheapest hard money out there that reguires down payment  paying their points and fees UPFRONT making monthly payments paying for insurance..

As Shawn mentioned above insurance is going to be a HUGE deal in Gainesville as well as HOA's.