You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

For liability protection, consider umbrella insurance, and ensure your accountant understands rental properties qualify for deductions without LLC ownership.

If you provide specific information such as the address, property purchase price and value,  credit, property rental income, taxes, insurance, experience, and Fico you should be able to get a term sheet detailing all the closing costs. 

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

Insurance costs have been crushing cashflow on a lot of rentals as well - I've seen HOI quotes on $200k-300k houses come in as much as $200.00/month over expectations.

I’ve heard about partnering with insurance companies for displaced families, working with military personnel in need of temporary housing, and possibly connecting with other organizations that require mid-term accommodations.I tried reaching out to GEICO about insurance-related housing needs, but they didn’t seem to have a clear process.Does anyone have experience with this niche?

Failures: Had a house that burned down this month that wasn’t insured as high as I should have.

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

CA has it's upsides and both states have insurance issues.

When vetting contractors, check if they’re licensed and insured, ask for at least 3 references and call them, and get detailed written estimates and timelines.