Couple hundred bucks a door (after PITI and budget expenses) , double digit ROI, and yes, the prices appreciate and you build equity.

The reason they sell those insurance plans is because they make a lot of money off of them.If a $1,000 unexpected expense will cause a problem for you, it may make sense to have that insurance.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

However, the latest turn required extensive maintenance and upgrades.

I per use as required since it is a rare occasion. 

House hacking requires tenant management and privacy concerns, while live-in fix and flip requires more capital for purchase and renovations.

One other thing is that I paid a lot in points to buy down my rate which made the mortgage initially expensive… It will also take a while to refinance (a couple years) so I don't want to wait fully for that option eitherIf my tax rate is 30%, is it right for me to think that the cost of paying interest is ~5% instead of 7%?

The housing market here tends to be significantly more expensive compared to other regions, and this definitely impacts renovation costs as well.Given that the home I am considering is around 3000 sq ft, the $250,000 renovation budget might seem more reasonable, especially in CA.

However, the home is in quite poor condition and disrepair and will require a lot of work to get to this value. 

If you plan on keeping the property, all you need is an LLC which you would be the sole member of, unless he wants to be in it too, so share all those set up expenses, ask him..