Payment to the bank is $4,311 (includes escrow/insurance), total monthly rent $5,600, which leaves me roughly $1,300 monthly after expenses.

Its also a good idea to build relationships with realtors, contractors, insurance agents, real estate attorneys, and property managers in your area so take advantage of events, conferences, and meetups.

Unlike a kitchen or bathroom renovation your literally building a second house on the property and your dealing with everything from grading, soils, foundation, electrical, plumbing, framing etc.

Florida scares me with insurance issues and constant threat of hurricane damage.

E&O insurance most likely

Chat with them, and ask them where they find their guest (Airbnb, Furnished Finders, Insurance claims, etc).

I know taxes and insurance have gone up a lot in that time so I understand that problem but the solid rent increases in that time have been able to cover most of that (at least for me it has worked out).

As a medium-term rental, you'd be in better position to be connected with Insurance Company that way.  

My agent said it wasn't worth challenging because Nationwide is leaving the state.Our insur. agency sent a new proposal from Bass insur.

Make sure you have the right property insurance while the property is being worked on and an investor friendly lender or local credit union can help you refinance or get a HELOC.To Your Success!