My partner has a stable full-time job, but his photography business is not as steady as he'd like.We're interested in purchasing a multifamily property in either Baltimore, MD, or Hagerstown, MD, to kickstart our real estate journey.

**Essential Coverage**: What are the key components of a comprehensive landlord insurance policy?

After taxes, insurance and capital reserves I think we'll be around 8%.

Will I insure this property under a typical homeowner's policy or should I obtain a landlord policy? 

Stay away from states that require higher taxes, Insurances, and in most cases HOA to avoid lost cash flow.

You'll need to get a new commercial insurance policy reflecting the LLC as the owner.

You/they would need to talk to lenders about terms and figure out the monthly payment.They would need to understand what rent they realistically could get on the property, and then beyond their mortgage, insurance and taxes, plan for some maintenance from time to time, improvements, and holding costs when it is vacant.  

For example, if the rent was 1000, and your total prin/int/taxes/insurance/HOA payment for that property  was 800, you would only have to carry 50 dollars a month with the rest of your income.

While most DSCR lenders do require 20% down, there are some that offer 10-15% down options, but it often comes with slightly higher interest rates or mortgage insurance premiums to offset the lower equity.Here are a few things to consider:1.

That doesn't include taxes, insurance, property management, vacancies, and other expenses.