Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements.

In our market it is important to make sure they are a licensed broker, carry adequate GL and worker's comp (and name you as additional insured).  

The taxes and insurance sound like where we are in St Augustine and NY. 

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

The Homeowners Insurance will include Builder's Risk. 

IF you need 100% financing and lets say its $200k deal, the lender will be interest only at $150k at 12% = 1500/mo + taxes. insurance etc.

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

I'm also having issue with no onsite manager, but in regards to insurance. 

Make sure you talk with your insurance company on what you would need to faciliate these types of amenities in your rental.

To calculate Net Profit, we need to deduct: Construction Financing, Investor Capital, Overhead, Insurance, Warranty, Etc.