The insurance gets people in trouble because the insurance company must send notice to the lender when there are policy changes.

they insist they must insure the property for full replacement costs of around $400k I thought owner occupant insurance would be cheaper than landlord insurance?

If you can come to the city to visit that helps but often, as a majority of properties are "curb offers only", buyers will come out for inspections after the offer is made and then go home and complete the rest of deal form there.

I'll definitely be keeping my eyes open and ear to the ground, but moving this year is not a must for us.Thanks for any help and adviceMichael

You must however assess cash flow with a hypothetical 100% financing to evaluate what the true cash flow from a property really is.

The very nature of having prime loans means that you must also have sub prime loans. 4.

If you do this, you must do thorough DD on the LLC.  10 years from  now the LLC could be sued or a tax or code judgement applied regarding an incident from before you bought it and you'd be holding the bag. 

This means you must lower your standards even for a C class property.

Our strategy is to find a property to buy, rehab and hold as a short-term rental on Airbnb that we can use when we visit the area. 

So, I'm looking to visit Puerto Rico sometime this fall.