Also don't forget to figure your debt service coverage ratio.  

Warning: Newbie Investor Question!I'm going to start renting out my first house in January and I'm curious if there's any sort of cheat sheet / checklist / reference of all of the different tax deductible expenses tha...

Thank you so much for creating such a comprehensive site!

2) Does the property you purchase support a 1.2 Debt Coverage Ratio?

Auto-owners insurance policies seem to work well for me from a cost/coverage standpoint.  

If not, then purchasing in your own name and making sure you've got the most insurance coverage you can have in place is probably the way to go.

But you can essentially live there for free as the income from other units will coverage the mortgage and expenses.That would allow you to pocket at least another $12,000 per year compared to where you're living now, probably even more.

With full coverage for flood, fire, quake, etc we are looking at about $60k premium per year because of the age and the area it is in, which completely throws off our numbers.  

We sold that the multifamily though so no lonver have that coverage.  

So I'd conclude that, with adequate and appropriate insurance coverage, building codes and heeding the warnings of officials (like putting up shutters when they tell you to), you should be fine - arguably storm risk is priced into values here.