Based on the Insurance Market in FL now, you may want to check on both options.Those policies are designed to provide Property and Liability coverage together.  

I would chat with a conventional lender about what max leverage they can provide on a refinance, I know with DSCR you will be right around max leverage for a cash out (75% LTV) and it would likely be break even.

I also added 4 new basement windows that provide proper egress, rewired the basement and landscaped the yard. 

The below is the closing costs breakdown the lender has provided.

Furthermore, I will throw free highspeed internet, which I have lying around for my various security cameras (mainly for me so I can see if it snows or whatever).I manage it with my wife.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

So is forming an LLC and getting an EIN to set up a business checking account to receive the security deposit and collect rent payments a good idea?

So far, I assume I was unlucky.Beside that the management team is fine.I am with you.. there are other providers i am sure they will serve you better. 

The portion of your homeowner's insurance attributable to the rental unit can be deducted.Building a basement apartment can provide valuable tax deductions if you rent it out.

So know your own numbers and never depend on wholesalers to provide accurate repair costs or ARVs.