Their lease is 6 month term with a same rate month to month however, their insurance states the rebuild of their home and fire investigation efforts are going to take 12-18 months. 

For example, we need proof of renters insurance and proof they put electricity in their name.So, it seems odd that you are accepted but they keep wanting more information. 

I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.

Right after I closed on that one the insurance company demanded I make a couple thousand dollars of repairs.

Hi Carlos,I am in Madison, WI and we shopped around a lot when moving a few years ago and used Neckerman Agency (now McClone) who are insurance brokers. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

You'll want the rents to at least cover the monthly principal, interest, taxes and insurance (and HOA if there is one).

You are looking at the rent of $2,000 and mortgage (Loan, Insurance, and Taxes) of $18000 and thinking you have $200 cash-flow.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

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