I will be obtaining flood insurance forthwith.

We hire leasing agent/property management for advertising, finding potential tenants, doing applications and initial screening, for the top 1-2 applicants, our leasing agent will send application for us to review, and we decide whether to proceed, or clarify questions further.

I was wondering how this would all work out there are going to be people out of work for extended amount of time and as we know most renters miss one week of work and they are broke.My other big thing I am wondering @Greg H. is how the lenders are going to handle the owners who get wiped out have no insurance and walk away from the property.. knowing how aggressive Texas lenders can be with deficiency judgments on mortgage defaults..

Also make sure you are crystal clear on what your mortgage, taxes, and insurance are and do not buy yourself negative cash-flow.

Gone are the days when you'll have an insurance Broker that holds and value your accountsattentively.I have to remind my agent that my insurance is due if I miss that letter from the insurer then boom itis canceled. 

Here lately with Hurricane Harvey I found out how important it is to have a good insurance agent.

I am curious to know what kind of issues we will have to account for if we do decide to proceed with any type of investment housing on this property

An umbrella insurance should do when you are getting started.

., do I have to follow the same eviction proceedings as with any other tenant or can I just kick someone out? 

(Market Value 265k)10% down + closing costs (32k)Monthly P&I + insurance/property tax etc.1400/monthCurrent tenant will stay on after purchase.1315/month rent.