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. 

Does he understand, Deeds, Due On Sale, Insurance, tax implications, servicing, contracts and so on?

-Paying all the taxes, maintenance and insurance-Finding a renter-Worrying and wondering each month if the tenant will pay on time-Fixes/repairs-Other? 

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. 

My GUESS is these homeowners have been tricked/screwed in to signing a long term power purchase agreement, often with no buy out provision.

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

It is based on performing loans where the mortgage payment is not higher than $600 and they have shown at least 5 years of payment history and get this, they have no higher than a 50% LTV so the homeowners are very motivated to not walk away from all that equity.

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

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).