Specific example,  I tell all my owners that any minor repair less than $150, i will fix for free.   

My question is around property insurance and specifically what are everyones MUST HAVE COVERAGES. 

I'm not sure why not - one of the great parts about real estate investing is that you can build a team around you for aspects you aren't as strong at or simply want to delegate to someone/expert and do the others yourself - look up "Core 4" for example - where you can have an agent, lender, manager, contractor all at once for your investments and can theoretically just let them do all the interactive work

This specific deal was a close friend's apartment that he was renting.

Analyze Rental Income PotentialRun the numbers for your specific property.

However, there is no specific holding period contained in the tax code or regulations and there is no "safe harbor." 

You didn’t mention the property or deal specifics, but for many deals in the recent years, there have been amazing and unusual gains due to multiple unnatural circumstances.

Big welcome.. do you have a specific neighborhood in mind, or are you still exploring?

You can carve into the details a bit more with a specific broker and products.

So it is designed specifically for home flippers.