Hence it seems rather quiet in this thread.As an ON investor for over a decade I can tell you that tenant nightmares could be real, and yet a lot depends on how you screen and treat those tenants.

Depends on the lender, not all require sourcing and/or seasoning of funds.

Of course, if you do any renovations on the property to get it ready for rent, those renovations may need to be capitalized (added to your basis) or might be expensed, depending on what is done. 

I hope Mario can mitigage his losses by selling the property quickly to stop the bleeding, or re-tenant and refinance to less expensive debt but this serves as a case study on the perils of investing in lower tier neighborhoods.The amount of people on the internet and social media selling the false narrative of how easy it is to create wealth through investing in real estate, specifically these lower tier neighborhoods is upsetting. 

It really depends on what you are looking for.

Insurance likely will be higher than $1,020/month nowadays but depends on your coverage and who you go with. 

The choice depends on your priorities, risk tolerance, and financial goals.

Ripping out a bathroom for 5-10k depending on your contractor connections or personal skills doesn't seem like a good pay off for a rental so I look for creative solutions for working with what we have...There is prob no exhaust fan system so you either need to keep the window or install exhaust fan system.

Depending on the size/value of your property, you may also want to consult a tax consultant regarding how to maximize your federal tax benefits and what can be expensed.

I think your numbers on rents are solid, depending on where they are you could see 795, but conservative underwriting at 695 is right on track.