You can gauge this risk by checking state average homeowners insurance rates.Few people live in cities that meet all the above requirements.

Here in the USA you need what's called a "construction loan" and it's also very hard to find a company that will insure you if you're a newbie.

I hold licenses within real estate, insurance and securities for this very reason.

Once we identify a location that meets our criteria, we network with builders, property managers, lenders, insurance companies, CPA's, attorney's, etc. that service that area to have the entire team already established you need to be a successful investor regardless of your physical location or experience level.

You rate at 3.62% is pretty good but its on an FHA so you also have to consider the mortgage insurance if this is going to be your forever home.

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

For a single property, a strong umbrella insurance policy may offer sufficient protection at a lower cost.

Most things in relation to the rental are deductible - Mortgage Interest, Taxes, Insurance, Repairs, etcIf you are unsure of what is deductible, you may want to consider working with an accountant.

You can continue using TurboTax if you're willing to learn rental tax rules, as rental income is reported on Schedule E with deductions for mortgage interest, property taxes, insurance, repairs, and depreciation.

Utilize any hospitals and insurance companies that are willing to take your call.