If there is title insurance involved, you should know it is not simply a matter of redeeming during the judicial redemption period (in other words, taxes and interest only).

VA Loan (0% Down) – For eligible veterans and active-duty military; no mortgage insurance required.

Quote from @Adam York: Contact your insurance provider and let them know you intend to rent out the home.

Now that it’s a rental, you can deduct mortgage interest, property taxes, insurance, repairs, maintenance, and depreciation to reduce taxable income, but depreciation will be recaptured at up to 25% if you sell.

While insurance might cover the reconstruction of your property, the community's recovery could take years or, in some cases, never occur.

Hi Benjamin, call three insurance companies and get a quote, start there first.

@Vincent WeselakIt’s a good idea to get an estimate for your insurance costs upfront since this can vary based on the property type and location, and it’s a key factor in evaluating your cash flow. 

How do you pay for the tax and insurance?

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.