If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.

What is to be expected once I purchase the property?

You have to expect costs, headaches, and surprises. 

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

@Joe Villeneuve @Theresa Harris, thanks a lot for taking the time and provide some info/ideas/suggestionsTo give you some color for these properties, there is a 15 years-plan that my wife and I are planning to have arround 5 to 7 properties in the same $$$ range (-+ $200K) that we can rent them around $1600-$1800I believe after 10 yrs, I am expecting to a better cash flow considering some loans will be paid in full, but maybe the next properties will have as you suggest 30 year-loan. 

I had severed ties with them for many months, and they expect me to use them to sell my property?! 

It calls itself “an incredible company.”Some of the rents that RAD Diversified REIT says in SEC filings that it's expecting appear to be overstated, in light of the buildings’ conditions.

Also with the hurricane Helene aftermath I wanted to get your insight or opinions about this past year and what to expect going forward.

Also, long term, I expect Sac will enact tougher restrictions on STR, given the intense housing crunch we're experience, so I personally don't expect that to a be a good long term strategy.

Once confirmed, they will be passive and can meet your expectations as described.The STRs, fall in last place according you what you've expressed.