However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.

You'll also want to find a good Investor Agent, contractor, and property managers. 

@Orlando Johnson- If you were going with 6% real estate agent fees the $12,500 number is incorrect. 

My current insurance agent only deal with residential insurance companies.

I am looking to grow my buy and hold rental portfolio and would love to network with other investors/agents/wholesalers etc.

It's not difficult (shouldn't take long) to get flood insurance quotes (NFIP & private) if you work with a good agent.

However, I am an investor and agent here in Minnesota.

@Sam McCormack is a great agent there that helps plenty of investors. 

Some lenders will fund 100% of the deal + renovations if you are experienced.Wholesaling is possible but be mindful that it is a business, you don't make any money until you can persuade someone to sell their house and then to find a buyer.I personally think its easier to be an agent, still a business but there should be people teaching you and you have more of a reputation when talking to sellers.

He seemed like a big-time agent who works with a lot of long-term investors.