Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

Why ask: Get clarity on the full cost of the program, any additional fees, and what’s included.

That quote will be the basis for any additional damage request. 

The only additional thing we do is send them to collections.

Also, be sure to check with the section 8 agency managing the tenants - sometimes if you pass on an additional cost like that they will no longer be eligible to live there if the rent and utilities exceed what they were approved for.

I believe there are a few unconventional approaches that work best for OOS investors looking to perform BRRRR in Mid- to lower income communities.  1.

Some carriers won't allow insured to be a trust, so in that case do it in your company name with trust as additional insured.

Additionally, when underwriting deals, you need to account for the general idea that repairs and maintenance will be a larger percentage of your rent, the lower your rental is.  

Additionally, my husband lived there for six years, and the city feels like a second home to me.

With careful planning and local insights, Richmond can be a solid addition to your investment portfolio.Good luck!