Early research tells me that rental rates are pretty good here (about $1.25 per sqft), but would like to see if real investors on the ground experience the same.Also, on flood insurance, i'm finding quotes ranging from $600/yr to $1,500/yr but not clear how that works within the different flood zones and asset types.

On the other hand having a draw schedule and fund control with inspections before disbursements could be good if you're new to this as it could keep your contractors in line and it will force you to collect all the necessary paperwork in terms of Certificates of Insurance and W9's.

Costs: taxes, insurance, water, garbage, electric, maintenance, manager salary, workers comp, office, legal, reserve for pumping etc. 3.)

We bought the BiggerPockets landlord package with Applications, Lease terms for LA, pet policy, addendum's, etc.The potential tenants (first ones to see our property) came this evening and I gave them both an application and said it would be $35 each to do the background check.

$200 a month for insurance on a $70k property is really high.

I would like to know how you guys estimate taxes and insurance. 

Taxes, HOA, insurance etc are bound to be different in different markets!

Asking price for a 2BR was a bit too high based on comp rents to get to our investment parameters but since the owner had no plans to use the property, I offered his purchase price in 2017 + 6% (commissions to agents) + $1,000 (assumed deductible on insurance for new roof), effectively getting a turnkey property without paying for the updates.

Then you pay balance on the sale amount usually within a week for free, within 30 days with 10% interest - and wait till the deed is ready You can during that time to ask your title company to do the search and extend the title insurance but it's not for mechanic liens or taxes - you'll pay all that.That's why it's important to research the property through before you say "bid".  

If not, it's a gov't insured mortgage for a reason.3.