The home currently has a tenant and they want to stay he’s warned then of the possible sale and that within a few months I can increase rent to $800-$850.Taxes are $1604 a year and insurance rings in at $650 annually.

@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. 

A legit assistance animal is not a pet, it is an assistive  like a wheelchair in the eyes of Fair housing, Each state does have the right to limited regulation in this area, in WI we can now require documentation form a WI licensed professional, where previously an online Quack could sign off, there are also situations where you can deny, if the animal could cause a problem or pose a health risk for other tenants. be careful on this one and know the law. seek advice from a licensed professional. 

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.