You will also want to be sure to do your proper due diligence on the private utilities.

Get a proper proof of loss over to them asap so their timelines are activated.

I was counting on the FHA loan, paired with down payment assistance to fund this property so I could take advantage of being a 1st time home buyer.

Get to know the local wholesalers in your market and also learn as much as you can about repair costs and properly judging the ARV with the MLS comps.

I own several “pairs” of properties on the same street with identical sf and build dates with very different taxes. 

As with any other investment property, you need to properly screen potential teanants.

The question is whether you can properly screen them and what level of risk they present.

I tried something similar to this when I put LVT in and could not get it to fit properly per the directions. 

Tell your loan originator/lender or mortgage broker you would like to use purchase property income to help you qualify and they will pair you with the best financing package that does what you need.

From my understanding so far, an LLC is helpful in that it offers tax advantages and asset protection (if handled properly).