I have recently switched my insurance from home owners to landlord policy.

Also, can you say more about landlord vs renter’s policy on insurance ?

New Jersey is one of the least landlord friendly states in the country - FACT.Liberal policies are not friendly towards landlords- FACTNew Jersey is a liberal blue state - FACTI was nice in my original post.

Make sure you ask them good questions, make sure they carry insurance and that they are available year round. 

Just make sure to look into the HOA’s financials, rules, and rental policies before buying.

I will give you my numbers since we are 3 years into Velocity Banking.Home was purchased at $410k.Interest rate: 3.125%30 year termMortgage payment is around $1950 (includes insurance and property tax)HELOC: 8.25% Variable rate - current rateCredit Limit: $97kLet's say I made $10k a month and our expenses were $6k each month including the mortgage.

Also, how does one assess whether or not one can turn a profit after paying principal/interest, insurance, and taxes each month?

Make sure you create a screening policy and don't deviate from it. 

More insurance will cancel short term rentals.

I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.