Right after I closed on that one the insurance company demanded I make a couple thousand dollars of repairs.

When I first started out, I was insuring everything with USAA.

Nevada #1 in Car Ownership CostsNevadans pay the highest car costs in the U.S. at $6,120 per year, with insurance alone at $3,439.

When accounting for carrying time on the bridge debt, taxes and insurance or alternatively over raising equity to take down the land, the costs add up quickly.  

Hi Hazel, I work with a lot of investor clients from OOS and have carefully vetted general contractors that are licensed, bonded, and insured and do great quality of work.

In order to do this accurately, though, it does help to have a team to give you correct inputs... a lender for the financing, insurance agent for accurate policy quotes, an agent or fellow investor that can properly break down the market rents (this one cannot be over-emphasized as this city is block-by-block), and maybe even a contractor to help provide accurate renovation costs.

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

Does anyone have any recommendations for a property manager or insurance broker?

Options - collect full payment for the 3 months up front and lower the deposit to secure against damages only, require insurance.