-HOA fees are $160/month which covers everything exterior of the home (landscaping, insurance, etc).Goals-I completely understand that it won't cash flow, but my brother is pretty much a 2-4 year guaranteed renter of 1 room.

That includes loan payments, utilities, insurance, taxes, HOA fees, and any other expenses that can occur during the Rehab period and up until the property is fully rented.  

My concern is that the unit under eviction will be heavily damaged with no security deposit and insurance doesn't cover tenant damage, though a criminal act.

I believe in steady & stable growth and so my goal is acquiring one new property every year.That being said, it seems that inventory in our area like others is low and prices are getting up there.

Must be licensed, bonded and insured.

Usually for the buyer this includes, property taxes, insurance, title company fees, and lender origination fees.I’m not a huge fan of using percentages to estimate these costs.

Flood insurance costs....I would really appreciate any advice on the vacation rental side, I have no experience doing this yet, and I am not sure it is something we would really want to get into or not.  

I've been reading about landlord insurance to cover liabilities and damages.

Highly advise taking the proper procedures to legally becoming a property manager, even if it is for a relatives property.Do you have liability and E&O insurance to help protect yourself?

Ask the title company to do their standard title insurance work for both buyer and seller.4) Do the due diligence on the property and allow the bank to do their underwriting process.5) Schedule the closing, wire the money, and sign all of the documents to transfer ownership.Is there anything that I'm missing or have left out?