I was told by a local experienced investor that insurance companies will always go cheap with paying out to contractors in the event a property needs to be rebuilt. 

.: Quote from @JD Martin: The 1% "rule" is just about dead everywhere outside of the midwest and some places in the south that are still relatively cheap.

The entirety of these cities aren't just comprised of cheap run down properties. 

The very first day that a tenant is late, a Notice of Default needs to be delivered to the tenant (you need a receipt of delivery; if you hand deliver it, place it in a sealed envelope with their name on it marked 'urgent/confidential' and take a photo of it placed on their door). 

The Notice needs to be sent to each tenant by both proof of delivery required service from the post office as well as by certified mail to the last known address.

It's cheap and easy.

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

Guessing you used an uninsured, cheap handyman?

Generic replacement parts that fit American Standard can be found anywhere.Don't buy the cheap $90 toilets.

Quote from @Michael Smythe: @Alba Cheung wow, you went the cheap route and hire cheap attorneys.Now that they are useless, you want to ask us for free advice?