A key lesson from the Mount Vernon Dr deal was the importance of budgeting accurately for renovations.

It's likely accurate because most lenders aren't inclined to allow someone to assume responsibility for payments without their approval.

We don't know your location, so we can't give more accurate advice. 

I see buyers getting surprised by this often when buying older buildings.The more time you give an agent to quote the better the chances of getting a competitive rate - a lot of buyers start calling agents when they are going to close and want it NOW NOW NOW> you will pay more this way.Give the insurance agent a week or two to shop the rate and get the agent accurate documentation proving the age of updates to the roof, electrical, plumbing, hvac, etc and good photos of the property to allow them to sell the property to underwriting.A lot of people don't realize two sales are made for an insurance policy - one to underwriting and one to the person buying the policy.

@Krishna SurendraRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Over the last 5 years, markets like Memphis and Detroit (where I have been investing) have performed on par with "appreciating market" like Seattle and the Bay area.

Is accurate ( please see below).

I don't believe that's quite accurate.

Make sure to check accurate ARV comps within 0.5 miles and get quotes from reputable contractors.

@Anthony Wilson How's the 4-unit in Detroit performing?