If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Don't waver from your policy.

@David Cherkowsky, the lender will take the full rental income reported on the tax return, for that property, subtract it from the total expenses, add back depreciation, property taxes, mortgage interest, home insurance, HOA(if applicable), sometimes repair expenses(must be documented), divide it by the total amount of months the property was in service for that year (THIS NUMBER IS ON YOUR TAX RETURNS, SO MAKE SURE YOUR ACCOUNTANT DOES NOT PUT 12 MONTHS), and subtracts it against your total monthly mortgage payment.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

How do you pay for the tax and insurance?

If it is to cash flow right now, then you're right you would be a little tight with your tax/insurance escrows.

A conventional renovation loans will allow you to use preferred contractors, requirements are they must be simply licensed and insured.  

Keep in mind, though, it costs a couple thousand a year for board memberships/MLS access/errors & omissions insurance/broker fees.

Tell them your policy and they can either abide by it or move out.

About 1/3 were in limbo--neither rebuilding nor selling, while owners tried to decide what to do--sell, rebuild, or fight with the insurance company--or just didn't have the money to rebuild and didn't want to sell.