We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

There are organizations that can provide the family with rental assistance; every municipality has one - and the assistance covers utilities as well. 

They can also give you a better idea of how much you should be prepared to pay so you can cruise through your closing with confidence.And as you plan ahead for closing day, be sure to budget for your real estate agent’s professional service fee too, in case the seller doesn’t cover it.

They cover the entire renovation expense.  

It doesn't cover any loss of income due to your rental being repaired.

You may find this a viable option with rates where they are, especially if your rental income continues to cover the mortgage.Home Equity Line of Credit (HELOC): If your property qualifies, you could use a HELOC to access the equity without disturbing the current mortgage.

@Roman Balmakov If you are planning on holding the property long term and have enough reserves to cover even worst case scenarios it could still be worth it. 

Yes, I realize it was the first time, that is why I would cover the cost in an effort to be a good landlord and not discourage my tenants from reporting future issues.

No amount of insurance covers the personal loss.2.

The refinance step is where you pull out this equity, typically in the form of a cash-out refinance.Here’s how it works:You refinance the property at its new appraised value (after rehab and renting).You take out a new loan based on that increased value, ideally for the full amount or more than what you originally paid for the property.The goal is to pull out enough money to cover the cost of the original purchase and rehab (or even more, depending on the property’s appreciation).This allows you to recover your initial investment, which can then be used to buy your next property.5.