Find funding, buy a deeply discounted property, resell it to a rehabber.Again, wholesaling is legal in all states because you own the property. keep in mind though in Oregon if your not owner occupying it.. and you intend to resell.. you ALSO need a developers licenseyou need a bond and insurance... so again cant make these blanket statements yes it legal to buy and resell but you do have to have those licenses to do that... 

It's going to have to be a complete redo with I feel big plumbing issues. 

HOA taxes insurance.

Most people never use home warranties, they have them but they are never used because it is generally cheaper to just "self insure"  You might try First American though.

Early research tells me that rental rates are pretty good here (about $1.25 per sqft), but would like to see if real investors on the ground experience the same.Also, on flood insurance, i'm finding quotes ranging from $600/yr to $1,500/yr but not clear how that works within the different flood zones and asset types.

On the other hand having a draw schedule and fund control with inspections before disbursements could be good if you're new to this as it could keep your contractors in line and it will force you to collect all the necessary paperwork in terms of Certificates of Insurance and W9's.

Costs: taxes, insurance, water, garbage, electric, maintenance, manager salary, workers comp, office, legal, reserve for pumping etc. 3.)

I already have the subs like hvac plumbing pest control etc.

$200 a month for insurance on a $70k property is really high.

I would like to know how you guys estimate taxes and insurance.