Yes, as far as a PM, you are pretty safe figuring 10%, but a few phone calls to different ones in the area will give you that answer. and Jeff Beard brought up a good point as well, you will have to figure in the taxes and comp insurance for your employee.

I've been getting some quotes for insurance and the premiums are very high.Quote 1 - Vacant Dwelling Policy from Evanston Insurance Company. $1200 for 3 month term                $160K Property Value (incl. improvements), $300K LimitQuote 2 - Builders Renovation Policy from Lloyd's of London. $917 for 3 month term                $80K - Property, $300K Liability, $1K deductibleBoth seem very high and I can't even use quote 2 because I am not using a licensed GC.

Then add ALL costs related to holding the property (utility costs, insurance premiums, property taxes, loan payments, etc.).Concessions: Concessions are what you give back to the buyer at closing.

My standard is that $17K should generate $900 in monthly rent.

By the way, I don't know of any conventional lender that can close in 30 days today, even with the most cooperative seller.Did you use the standard CAR multi-res purchase offer and joint escrow instructions? 

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.