A mechanic shop, and an empty residential lot (about apartment building size) in Biloxi.

Iam looking to buy auto service 2 bays and front lot for used car dealer in Columbus ohio..North side asking price is 250k... lot size is 3900 sfSome of the existing load 150k is assumable..You can lease property by 2500 per month.

Our average cost just to reset an existing home was a minimum of $5k and that wasn't an arbitrary figure made up out of blue sky by my associates and me.That's what FEMA appropriated for these costs of repairs and even at that it was often difficult to pick homes up off the ground that had pancaked, reset them with the newly required tiedown and myriad anchoring mechanisms and then reset the home/s to the new flood plain height requirements and new infrastructure.

Tenants can even set it up to auto draft every month.

You would want a lawyer to review title to make sure there are no issues there, you would want a good inspector to make sure there are no structural or mechanical/electrical issues, the typical stuff for a residential purchase, but maybe go the extra mile since you are unfamiliar with the area and not there for an extended period of time to keep an eye on it yourself.

Depending on who your auto insurance / primary home insurance carrier is and how many rentals you actually have, they should be able to provide you with an Umbrella quote.  

First, I wouldn't recommend a lease that auto renews for a full year, there is always a benefit to going month to month, just in case you wanted to get rid of them.Second, If you don't have the notice, then too bad.

I have a few guys that I pay weekly rates now and then sub contract major plumbing, electrical and mechanical work.

We'd do a BRRR strategy, at least that's the plan, where the debt to her gets paid with a refi, but I'm not sure how the mechanics would work or if this is even a good strategy.

Old roof and old mechanicals can push insurance premiums up.