For us, we have insurance on it and found it easier to keep in the trust vs. llc and have to deal with state filings etc. 

Several options you can explore to get the down payment capital: Solo401k; HELOC on personal residence or from equity of the SFR; Cash Value Life Insurance Policy; Business Credit; Private Lenders, to name a few.

We are about to put in $15-$20k of our own money into it, beyond what insurance covered and I need help deciding how we should finance it. 

Quote from @Carl Rowles: When you insure a SFH rental property, do you try to adjust and of the coverage amounts?

Our entire network of agents, title companies, insurance, conventional lenders, private lenders, and many others come together to make this an enjoyable experience.

Payments $492 (interest, tax, insurance) currently owe $51K.

Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

The ability to find a good sales price under $200K with low taxes and affordable insurance is getting harder to find but in Oh & IN its still easy.Inventory is strong and the rents are above normal so even though your under $200K you can still earn a good profit.

Rents may be high, but where are taxes and insurance.

Our actual carriers used to be Secura, but they seem to be getting out of a lot of insurance lines or pricing so high as to have customers drop off, and we just moved policies in Nov. to Hanover Insurance.