I am in the process of purchasing my first property and I really under-estimated the insurance cost... 

Cory -   it doesnt  sound like you will need  this extra income for  qualifying so no need to wait  fyi  if your hours  will be  guaranteed and stable   , then the  higher income  should be usable ...if the  hours  are not guaranteed (  eg.. overtime ….seasonal …..not consistent ) , then  likely to not be usable Going FHA is not that  wise  as  the  FHA mortgage insurance is permanent and wont be able to  be eliminated  unless you refinance the loan plus you will have a  large upfront mortgage insurance that you have to pay at closing  ….consider using  a conventional  loan  as the mortgage insurance will  be able to drop off or be eliminated in the  future

What homeowners insurance providers have you found the least expensive for a standard landlord policy? 

I am willing to pay transfer tax and purchase title insurance.

(Purchase price: $35,000 / Rent Roll: $1,550 per month)   After Taxes/Insurance/Expenses the SD IRA should see a return of about $900/mth.   

Needless to say, I messed a lot of things up.Some things I know for next time:-make sure to include security deposits credit and prorated rent credit in the purchase contract-make sure to keep all addendums that may be needed saved on computer for quick access-get all the necessary documentation for rehab funding from the contractor before going into contract on the property (my lender needed his insurance, workers comp, experience, etc. and I was not able to get rehab funded in the loan because the contractor would not send this to me and it was too late for me to find another contractor)-check that title has gotten the documents correct before they are sent over to the seller-take pictures of the house during the walkthrough for insurance purposes-check for flood zone early on -give yourself a realistic timeline for closing-check reviews on title company before choosing oneDoes anyone else have any recommendations? 

Does anyone know of some insurance companies where a tenant can cover their dog?

The high property taxes and insurance in TX are cash flow killers.

I like that one better than the FHA because you have mortgage insurance that can be cancelled if its determined (by way of an appraisal) that you have 20% equity.

Insurance is also double.