Have good insurance.

Here are some expenses that you haven't mentioned:- Vacancy allowance-  Insurance- Property management - Taxes- Utilities (you seem unsure)- Maintenance- Capital Expense Reserves8.

We have grown to love our new neighborhood; very stable, many long term homeowners on the block.

@Christopher PhillipsOur plan is to start with flips to build capital quickly, then focus on rentals to build passive income, and once we have a stable base of income from rentals, build other tiers of income.

I understand there are flood maps on the FEMA website and the need to buy flood insurance.

Its much better to lose $100-$200 a month on a property because rent is low, than it is to lose your entire mortgage payment, insurance, tax, maintenance, etc because the property is vacant. 

We think this qualifies as abandoned but my more immediate question is if we have extensively posted the property should/can we insure it?

I am in the process of purchasing my first property and I really under-estimated the insurance cost... 

Yes, some extra cuts, but way more stable.

Cory -   it doesnt  sound like you will need  this extra income for  qualifying so no need to wait  fyi  if your hours  will be  guaranteed and stable   , then the  higher income  should be usable ...if the  hours  are not guaranteed (  eg.. overtime ….seasonal …..not consistent ) , then  likely to not be usable Going FHA is not that  wise  as  the  FHA mortgage insurance is permanent and wont be able to  be eliminated  unless you refinance the loan plus you will have a  large upfront mortgage insurance that you have to pay at closing  ….consider using  a conventional  loan  as the mortgage insurance will  be able to drop off or be eliminated in the  future