Quote from @Jose Ramirez: I wonder if anyone can give me your feedback on umbrella insurance State Farm called me and told me that I should open a umbrella policy for my rental properties Most umbrella policies don’t cover business pursuits, nor losses from having too low damage coverage.

If these are new builds, there is probably less maintenance, less need for large CapEx reserves right now, and if the rent is covering the mortgage, you're in a great spot.

And no small investor (those with a handful of properties) has ever been able to provide me with a situation where a properly insured owner has been successfully sued and not covered by the insurance.

So in year 6, that same 95k initial investment they made is going to allow them to gain 24k net rental income (and the depreciation is still enough to cover that so it would be TAX FREE), 51k, in appreciation, 11,500 principal paydown = roughly 86k in total return in year 6.So a 95k investment after 6 years would give them an asset that they'd have 539k in equity. 

the challenges with flips  is that there are so many angles to try and cover / consider that it is somewhat like spokes on a wheel… even if you just take it system by system… roof, plumbing, AC, foundation, subfloors, electrical, appliances, septic, materials expenses, holding costs, taxes, etc.  

Is there a number of times I repair it and then increase the rent a specific amount to cover the repair bills.

The DSCR (the ability for the rent to cover your mortgage) will impact your rate, so the higher the DSCR the better.

I own rentals in Colorado and my lease DOES cover pro-rated rents, replacement tenants, etc.

As long as you have at least 20% down, assets for reserves + closing costs, and your rent covers the debt service 1:1 - it should be a green light just about anywhere.

My realtor/PM says $0.95 to $1.05 per sq. ft. is a reasonable monthly rent for a 4 BR/2 BA property in that area, which (according to the BiggerPockets calculator estimate I did) is enough to cover the monthly payment plus the above costs I mentioned.I anticipate putting down my deposit and earnest money in the next few days.