When I sold the house 120 days later, I noticed a $14k charge for lender-placed insurance on the closing statement.I reached out to the lender and provided proof of my coverage during the loan period.

Quote from @Michael Belz: The SROs are located in Suffern NYThis is part of my coverage area.

It’s definitely possible to use the equity from a paid-off rental as a down payment for a new property with a DSCR (Debt Service Coverage Ratio) loan, and many lenders offer this option.

My very limited understanding is that the mortgage being in your individual name and you operating the property through a single-member LLC makes piercing the corporate veil fairly easy and that insurance coverage is typically a better protection plan.

What are the best coverages and limits to have in insurance policies to cover edge case scenarios like these Insurance Policy with water, mold, vandalism, pest etc. 

I'd love to have some lakefront property there but want to supplement the mortgage with some rental income.

Hello BiggerPockets Community,I'm a new landlord and want to ensure that I have the right insurance coverage for my rental property.

The other quotes are significantly higher compared to this one, despite the coverages and options being similar, and unsure if we try to move forward with those policies they say the same thing. 

I was recently advised to look into wholesaling real estate as either a way to supplement income or create an entirely new career for myself.

From our conversation, it seems like there are indeed properties that will cash flow in the 6-8% Cap rate and 10%+ cash on cash rate and that there are Debt-Service Coverage Ratio (DSCR) loans around 5.5% and 25% down that will fund a purchase with the appropriate cash flow.