Also, when you obtain your insurance it will be land lord insurance and your insurance company should  provide you with some liability coverage (300k?) 

If anyone is wondering why I have to borrow the full $500k it is because we were underinsured due to a combination of my lack of experience with commercial property and our insurance broker not properly advising us on what the policy amount should be.

Are there any qualifications that they do need, such as being licensed in the city, or having insurance?

A quick question on entity structure and insurance: As I'm planning on investing in multiple properties over the long-term, I'm considering forming a series LLC in Texas, which has several benefits in terms of administrative cost reduction (relative to having an LLC per property).  

@Jeremy Brown,Does he have any insurance that can help keep his rent current while he's laid up?

Our Realtor freaked out just by the fact that we had to sign a disclosure document to even see the property, as the listing Agent's company did not want to be held liable if anyone was dumb enough to enter without the proper protective gear.

I just moved back into our River property and our Flood Insurance has tripled to over $3000 a year.

I would pass just on that basis but make sure your expenses are realistic before you do that: taxes look high, vacancy looks high, insurance looks a little low, and property management looks high.  

I'm lookin for someone licensed and insured for a complete rehab in Evansville- if everything goes well with this house there I'll be more work for them down the road.

Check license, check references, check insurance (From the insurance company directly), don't hire the lowest bidder, don't hire the contractor recommended by the wholesaler.