This property is a former auto shop, however, he has no intention of using it as a commercial space to sell services or products.

Auto Liability:  Even if you do not own any autos, you should make sure there is coverage for Hired Autos & Non-owned Autos is included on the Liability coverage.There's no way to accurately estimate the costs of the various policies without more info.  

I stepped away from my real estate goals years ago when my son was killed in an auto accident, and suffice to say that recently I made the decision to get back in the game doing what I love. 

As I get closer I want to make sure i hav the right systems in place to give existing tenets and new tenets proper leases, give them my contact info and get an auto rent pay system in place.

If you have a co-signer with great credit then you can a very good auto loan rate.I must admit though, I am, by no means, a financial advisor.

Maybe try Auto-Owners insurance for MI, but no matter what replacement will be much higher than appraised. 

We set up everything on auto-pay.

Again, mind you a 5/mo auto withdraw from checking.......to the savings WITH NO OTHER ACTIVITY.

If you know a lot about the auto industry, buying up auto part manufacturers junk bonds carries less risk than a REIT for you as opposed to me. 

So my mortgage payment is $1400, HOA $575, insurance  $60, property tax $ 479 and auto loan $276.