I'm curious for those of you who currently own investment properties in those areas: Are you worried about insurance premiums skyrocketing and potentially being left without property insurance (like some places in Florida)?

Income potential, location and price of property How did you find this deal and how did you negotiate it?

I also have a 300sqft detached garage which I keep all my tools in, potentially could convert that.

ive got a potential seller with an existing mortgage left over of 190k an the home arv is abt 310k how would i go about my offer price formula with the existing mortgage? 

You will learn alot of lessons quickly, build wealth, and potentially lower your cost of living.

This could potentially reduce or eliminate your state tax liability on the property with a gain. 

There are a few good properties on the market that I feel have potential. - I have only ever purchased a turnkey property.

To me the $1500-$4000 a year delta between a 12% and up to 20% is not worth the risk of potentially losing a significant portion of my capital.

In practice it just means not nominal consideration (what they used to refer to as a "peppercorn" consideration) but something real.  

Consider factors like location, demand in the market, condition of the property, and potential rental income.