At that point the unit becomes no longer tenable to rent from an owner perspective as it is actually COSTING me money to have someone live there.

I live in California but am looking to invest in Texas, Alabama.  

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Trying to get a split level (not a lot of sqft) on the market in the next three weeks and trying to decide on whether to open the wall between the dining and living room for a feel of openness or leave it as I have heard from two interior designers that the open concept is on the way out as we are more at home and liking our separate areas in the home.Pragmatically speaking the opening of the wall will be mostly a time drain with it being a load bearing wall and having to support the ceiling while rebuilding and all the drywalling necessary.

Quote from @Allison Cutlip: My boyfriend and I are closing on our first property soon which is a duplex where we will be living in one side and renting out the other. 

Run a credit check, which will include her address history and the dates she lived at each one. 

Are the kids walking around the living room? 

If a home was previusly owned and lived in by a famous person, does it add much value? 

My wife and I don't go out to each much and we live relatively modestly. 

I help investors optimize their financial strategy by implementing the Infinite Banking Concept (IBC), finding the best insurance for their properties and cars, and connecting them with legal experts for living trust creation.