I’d prefer to avoid double-paying for insurance if possible.Additional Note: This property will be used as a short-term rental, which adds to the complexity.Any advice on how to structure the insurance to cover all bases without redundant costs would be greatly appreciated!

I think it depends on the market.. they approached me on a furnished rental I had in Vegas (Summerlin gated community A class)  We got basically double or a little more of the normal rent..

Now sure the high cash flow of 30% nets have decreased as pricing has doubled, tripled (all in 35- 40k, now, 100k-140k) and much more so your assumption is incorrect. 

It's a double-edged sword, but for the smart ones who work hard and actually try at their W2, they will get that option to leave much, much sooner and not have to leap.

Always double check prepaid rents that get transferred at closing.

While the building envelope itself doubled in value.

--> The goal :  Every 5 years, double portfolio: first 1 property, at 5 years 2 properties, at 10 years 4 properties, at 15 years 8 properties, and..

To top it off my my 5 year balloon comes up next year and the interest rate almost doubles from where it was from 4.75 to 8%.

You buy the property, you give the tenant notice of a pending increase, they pack up and leave, then you spruce it up and rent it at market rate so it's a profitable investment.When egg prices double, do you think the local grocer cries in his coffee every morning about how inflation is impacting his customers?

Just pointing out the fact that many people have biased arguments and double standards.