Some good advice if I may is to have a really good insurance policy that covers rental loss, and 3-6 months of full expenses in each of your rentals bank account.

Insurance: you have $50/mo = $600/yr.  

So you make your money when you buy by negotiating a killer deal so creating instant equity, or buying a good business (high stable/increasing demand) with a moat so limiting competition.

Insurance industry.

Since you asked...Our focus for this winter/spring is a mixed use project...we bought a hotel built in 1870 through a purchase money mortgage...we're adding 3 high-end guest suites for a BnB, building in a 2BR apartment for stable cash flow, and opening a gallery for the local artist community...we have plans for a tap room or wine bar in the future at the same site as well...

@Adrian ChuARV $140,000County assessment $78,900Taxes are $2,287 ($190 a month)Insured through NREIG at $556 ($46 a month)I bought it cash but will refinance it for $60,000 @ 5 75%.P&I $350Total liabilities $586It will rent for $1,200$1,200-$586 = $614 cash flow and CapEx

Having a good contractor (on the team or not) is essential to avoid this.I’m not sure about your State, but you should be clear about general contracting rules and regulations, length of liability, license and permit requirements, etc. before you start flipping OR make sure these responsibilities are included in the list of responsibilities of your contractor.If you’re going to partner with a contractor financially (equity share) and you both create an LLC, I’m not an insurance expert nor lawyer, but I would be clear (signed/notarized documents) about who is doing what within the Partnership Agreement.

I would be concerned about insurance not covering you if you had an unpermitted apartment in your basement that circumvented local zoning.

(I went to UofM Dearborn so I have basketball players rent out the bottom unit)The only thing that made it hard in Dearborn was how high insurance and property taxes are.

You need to be aware that your e&o insurance will not cover you when you are a party to the transaction.