A good rule of thumb is to have 3-6 months of expenses (mortgage, utilities, insurance, etc.) set aside per property for emergencies.

That's $1,600 per month plus to pay debt, plus at least $400 in taxes and insurance.

Rock that for about 12 months and add some equity and then you could refi out to conventional so as you pay it down in the future the mortgage insurance will drop off.

How about the increased home insurance cost for a landlord policy?

Here are a few stats which should raise an eyebrow about Detroit $1 billion invested in more than 4,600 units of affordable housing over the past five years Job growth with more than 25,000 more Detroiters employed since 2014 A return to investment grade bond status for the first time since 2009Reductions in crime beating national trends, including the fewest homicides in 57 years Successfully hosting the largest ever NFL Draft at 775,000 people over three days In terms of starting out in Real Estate it also makes sense to invest in Detroit considering that the entry costs are low and if you plan to buy and hold, Section 8 makes for a great partner to insure steady rent payments.

How do I go about finding those who'd rather just collect the insurance money then sell it off at a discount?  

My monthly payments (mortgage, insurance, taxes) are roughly $3,600, leaving me netting about $4,600/month.I have four years left until military retirement, after which I’ll have a pension, some disability income, and rental income from this property.

And are insured properly.

Make an insurance claim and buy all new stuff.

Should the Owner require the Manager to make unscheduled visits to the property(insurance proposes) above and beyond the duties outlined in this Agreement, a fee of $75 +GST will be charged per visit.Thoughts??