@David Edwards, You already have a mortgage and insurance I assume.Those give you 2 layers of protection already.

Closing costs, insurance, property taxes etc will eat up $5k.

With insurance and  the ability to demonstrate you are a professional, a property manager may be comfortable with their couple thousand a month in rent in exchange for you using listing their unit.

Make sure your name listed on property insurance policy as first mortgagee.

Once you have all the info the only thing I can provide is doc checks of trades you wish to hire; to insure you are properly protected during and after the job.

Have referral for prop manager but haven't contacted yet.Close expected 1st-2nd week of July.I think my next steps is to contact an insurance company to get my property insured. 

I'm going to call my insurance, but it seems like the tenant should be liable for some of the cost.

If you don't at least break even with all your necessary expenses (insurance, maintenance, management, etc.), you're fooling yourself, like so many others I consult with, that Airbnb can be a fun and great income idea.

Does he needs to provide insurance for his employees?

You can pay points to get lower interest rates with > 20% down no insurance.