In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

However, are you planning to do a 1031 exchange, or is this a primary residence? 

In most cases, I don't recommend renting out your primary residence especially if you have no rental experience and that is because usually your primary residence was bought without the idea of renting it out.  

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

I have never purchased an investment property before (although I do own my primary residence), let alone done a seller financing deal.

This was our first primary residence How did you find this deal and how did you negotiate it?

We were able to get into it with a 5% down primary residence loan.

Quote from @Patricia Steiner: @Owen RosenNo...here's why it is 'additionally insured:"  "An additional insured is anyone who enjoys the benefits of the insurance policy that is not the primary policyholder.

My primary is a 2-family also and I use turbo tax for that and my other rentals. 

RentRedi had no ability to manage this.  100 was the primary address of the property, which would show on google maps and such, and then 101 was an additional address that I legally owned and wanted to use (same structure).