Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

I didn't know there was a different type of insurance that I needed.I had bought the home with a standard mortgage and standard insurance and then I decided later that I would flip it. 

These are non-standard setups.

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The property will need to have a slight rehab to get it up to STR standards, but when complete it should easily be a $200k Gross booking revenue property.

If you tie the bonus to a new lease, a bad employee will lower standards to find tenants quickly.

I know property managers in every state who use non-refundable application fees and it is the standard for every class of property and applicant.

Lowering your standards invites expensive evictions and repairs. 

@Heather Bailey while I live in my duplex, I have a standard Hazard insurance policy and I also carry an additional 500k umbrella policy (optional); both policies cover the entire building, but there's no separating it. 

Rents increases are not standardized and should be kept within the realm of market rents.