Let’s do some huge things and raise standards. 

If it is a common practice, then I'm more curious about the terms and conditions that I could expect from a standard insurance companyThanks

With a license you will be held to a higher standard. 

Yes, I will be having a standard inspection done.

This would be equiv to your property management fee (your pay) or some standard.

Background/credit check, call their last two landlords, call their employer (to verify income and to ask about performance), and make your standards very clear.

In FL now it's almost becoming a standard that won't generate much more rent but is a detractor if you don't have granite or quartz (these products are relatively cheap here in FL). 

It's nation wide standard to qualify septics by BEDROOMS which if you think about it makes sense.

O'Diah - expect to pay at least .75% more than a standard rate, which was hovering around 3.48% yesterday.

@Alex MurphyYou may find financing but your options will be limited and it will not be a Fannie Mae loan which means interest will be higher than the standard rates..If you want the best rates you need to buy in your name.