Here's a full breakdown of the last higher end home I did.

The name on the insurance policy is just the name of the LLC.

@Daniel Hartz...it would have been easier for suggestions if you have posted the address so some of us could see if there's more equity than what is being stated.  

This is true regardless of the country. 

Quote from @Ray Joseph: If you attend a local meetup, I'm sure you'll find investors that operate in other cities or states.And you have thousands of out-of-state investors to mingle with right here!

If you did a cost segregation study on the property in the past, you may have to recapture the depreciation taken in the past.capital gain tax rates are 0, 15 or 20%There is also a potential 3.8% Net Investment Income Tax.Also, don't forget state income taxes depending on what state the property is located or your state of residency.Best of luck!

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

Competition with owner-occupants and the age of the homes (70-120+) will squeeze your margins and expose you to a fair amount of risk.

I recommend you include some of your key qualification criteria in the advertisement.

A line of credit is adjustable rate with interest only payments that will have a "draw" period usually of 3-5 years for investment properties (usually 10 years for primary home) then will amortize over the remaining term after the draw period.