And like Jay says, be sure you vet the PM - for this will be a critical component in the long term success. 

We’re going to BRRRR properties and have them managed by a local company, and in a couple of years explore adding our own management component to the organization.

I lived for years in a house like this and we maintained two meters because it would one day go back to two family use but many take the second meter out, to restore you would need to update certain electric components, they won't let you connect to some types of out of date wiring.

what are the value add components?

Those are the three major components anyway.

Or, if you haven't been house hacking for over 5 years, please share that too.I'm particularly interested in knowing if financial components such as cash flow, property tax, etc have remained stable. 

How much insurance will you carry (the other major component of your liability protection)?

I know time and starting early is the best component for financial success, especially with the appreciation factor in real estate.

." - NationwideIf the renters insurance does not have the liability component, then yes it only covers their belonging, however if it does have a liability component, then it does cover other damages where the insured is found guilty or liability of damages, such as a fire, or water damage. 

i.e. breaking out the property in to its individual core components for depreciation, which allows shorter schedules than the standard 27.5 years.