In regards to your question about renters insurance I always require tenants to have it and maintain it.As far as your other questions some people go for an LLC to protect their assets (but more work to do tax time to do it right) where others keep it in their name and get landlord insurance and/or umbrella insurance.

I'll try to keep this short, but I wanted to share how I came across a new property that I just signed a contract on.

This is potentially going to be my first deal so I apologies in advance if my info and idea isn't as succinct as it could be.My wife's family is in Louisiana and looking to sell 6 rental homes as they are moving out of town and do not want to keep them as they were self managing.

Wages not keeping up with inflation, so people only have so much $ unless of another government bailout

I think it’s a great career to get into, unfortunately that BS barrier to entry keeps most folks out.

Did you keep the buyers earnest money deposit? 

Keep in mind you can always sell it down the line if you want to.  

Keep it simple. 

One thing I haven't done that I really need to do is put together a business plan, even a rough draft would be good to keep things in perspective and measure progress against.Hope everyone has a wonderful rest of the week!

Third, develop a property management model and plan to keep expenses low and revenue high.