I have sold insurance to many of Federico clients and he always seams to find them great deals.

I had a seller this year in a multiple offer situation reject a higher VA loan offer in favor of a lower, but otherwise very similar, conventional loan offer due to a very minor worry that the property wouldn't meet the VA minimum property standards.

My question is do I need a more extensive of insurance policy with people staying on our property.  

Rarely does a tenant have FLOOD renter's insurance. 

If so, and you plan to take a loan out at the time of purchase rather than a refi (which is how you would do a BRRRR), then you should speak to a lender to ensure you meet their underwriting standards, and then get pre-approved.

Put down 80k on the house to avoid mortgage insurance.

@Toni Annis, The statutory standard is not a fixed time period.  

If so, that often means the building needed to be custom built because it is not standard. 

Pencil it out assuming 10% capex and 10% vacancy plus all of your normal expenses including taxes, insurance, general maintenance, utilities, water/sewer etc...On a tri if the income for the 2 covers all your expenses including mortgage and taxes and you can live in the 3rd then I would consider that to be a good deal.These deals exist in baltimore but you might have trouble finding something turnkey in a place you want to live so maybe check for something with some deferred maintenance that you can force some appreciation on.Good luck!

I have one rental in Louisiana and when we got flooded... the rental lease is not in effect anymore as the house is not live able.... it's a pain if u don't have insurance.... if ur renters are good for it.... at least ask them to take out their stuff in the curb... a lot of renters just here just left.... and landlords has to do all the hauling away of their thrash too...On the gentle note.... pls be cautious when talking with renters... pls be kind and understandable that they too lost a lot of their possessions aside from the fact that they might not have a house to rent as housing demand will be very high....