Often times the information is insufficient to really get good at it or protect yourself from the things that you don't know and thing that can get you into a lot of financial or legal trouble. 

I hope you are working with an excellent agent or broker, they can create leverage and opportunity for you while protecting your interest. 

If so the carrier has the right to deny any/all claims you make or if they want to be nice they will settle the claim and retro charge you the premium you would have owed having the proper policy in place when you started renting it out.Talk to a legit local agent and tell them what is going on and get them to run down all the exposures you have and what you could do to best protect yourself for the best possible premium.

My firm integrated the services together and our clients have loved the one stop shopping for all RE accounting, tax, asset protection and entity work. 

To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

The other benefit to verify is if you have loss protection.

We are t protected at renewal time. 

Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

the only thing with that is protecting future landlords.. but then again thats a personal choice..