@Chris Rendall couple comments,@Wayne Brooks is correct if it was a Homeowners policy now being transfer to an LLC and used as a rental. 

Is this a bank-owned property on the MLS or is this from a wholesaler?

Now you need a loan for $720k.

If you have a 6 bedroom in an area that does not have a university (students looking for shared space) or is in a family friendly place it may sit vacant longer between tenants.For Capex, try not to use a generic number - look at the roof, furnace, hot water tank, kitchen - when will each need to be done and what will it cost?

(Live there for a bit then rent it out)It's a tough decision nowadays with a 3% mortgage which is pretty much an asset in itself. 

They have a very high risk of ending up in a lawsuit if you ask me.

The no renting alone has a big impact on value. 

Did you manage to find a renter?

A cooperative house hack between you all would be a solid first one, but you need more savings.

Example 3/1 you can add a bathroom.