What insurance should i take 3.

If not will you have any positive cash flow after taking out all your expenses including insurance, taxes, etc?  

Is insurance really that low in Memphis($450)?

I am guessing yes cause you want to use it occasionally, so much more energy spent in managing lots of turnover.Whats the insurance like?

Talk to your insurance provider before deciding whether you want to adopt a policy of accepting dogs.  

When it comes to refinancing, do the same rules apply to qualify as far as providing tax documentation and pay stubs ?

The mortgage has a small balance of $22,000 with a $232 of monthly payments which includes principal, property tax, and fire/water insurance.

http://hcidla.lacity.org/system/files_force/documents/Allowable%20Rent%20Increases_English.pdf?

A real estate attorney should be able to assist you with the documents required to complete the transaction.As it relates to the end payout, it all depends on your contract you have with the seller. 

Bottomline is find deals that aren't on the market yet and have solid documents ready to be able to support the offer.