However, once I get my own home purchase out the way, the next move is to start building a rental property portfolio. 

I lent $225,000 of which $185,000 was for the purchase of the property and $40,000 is going toward renovations.As a lender I just want to get back my loan amount back (in this instance $225,000) if there is a total loss with the property.I have seen where a lender tells the insurance agent how much property insurance he/she wants based on a price per square foot calculation.On the other hand I have also seen where a lender tells the insurance agent that the amount of property insurance should be the loan amount in this instance $225,000.

We purchased it because the house was a good price compared to the same quality in OKC.

Specifically, eyeing entry-level markets with all in purchase + rehab between $80k to $170k.What markets do you think I could maximize the likelihood of recouping most, if not all, of my cash?

Thanks Your umbrella will not protect you because an umbrella only kicks in when there is underlying liability insurance.You should be able to find other property insurance but if you can't or don't care about it you can purchase liability insurance only for the property.

“Lately” he bought a local restaurant seems to indicate a recent purchase, as such we can’t judge if absentee ownership will be successful - or not. 

Investment Info:

Single-family residence buy & hold investment.

Home Paid in Full and will become a long-term rental.

Purchase price: $726,000 Cash invested: $1,300,000 Sale price: $4,500,000 We are developing a 4 story a luxury Duplex on Indian Rocks Beach FL.

@Bruce Ng- thanks  1) are you planning to pay the seller the difference between the purchase price and the FHA loan amt ? 

Now we still get 10% +++ these numbers are based on cash purchases.