Something else to keep in mind is a LLC does not provide absolute protection so you still need to take other measures to protect yourself like insurance, umbrella insurance policy, trusts to help further hide your identity, don't use your name and home address as the registered agent for the LLC. 

I was told by a mortgage broker that because I own 2 homes CMHC won't insure my mortgage meaning I must put at least 20% down.Any ideas if this is correct or how I can get around this?

Read Mike Butler's Landlording on auto pilot book.  ....or sell me your house :)  Either way....happy to answer any questions. 

My question is what insurance do I need to have to be covered for this property? 

What are the expenses (taxes, insurance, etc)?

From google maps pictures (2015) there were 5 additional homes that have been moved or torn down.EXPENSESStick built homes pay for all utilities.Park owner pays for water/sewer of mobile homes.Property taxes $2,000 yearly (166.67/mo.)Water/sewer, Trash, landscape, snow removal, etc monthly average $350There are additional misc expenses roughly $40/mo.Asking price $65k (15 yr mortgage about $400/mo.)Insurance unsure yet.  

Forgot to include points were $3,330 and property tax arount $1200, and insurance $200 

Jose,Here is a list of "hidden costs" that may surprise you if you haven't been through this before:Closing costs when you purchase the propertyTitle Insurance Policies for you (and the lender if there is one)Miscellaneous closing fee's (survey, recording, etc)Loan origination feesHolding costs (during the time that you own the property)Builders risk and Liability insurance policy premiumsProperty taxesHOA feesUtility usage chargesBuilding permit costsDumpster / hauling chargesLoan interestClosing costs when you sell the propertyStaging (if applicable)Realtors feeClosing costs (depending on where the property is, this could be a huge cost) Professional fees for accounting, legal and taxesCapital gains tax on your profitI hope this helps you, and good luck!

Add replacing or fixing a toilet, lawn care, sometimes even insurance and it seems to be most costs would be a higher percent the lower the rental amount. 

You will still have taxes, insurance, possibly property management, and vacancies to account for.