Buy a couple and read them cover to cover

The flooding has occurred as a result of two heavy rain storms. 

They will then try and sell you a policy that does cover all your risk, but I believe that premium will disqualify this property from being profitable. 

Seems like you have it covered.

If you put it in an LLC name you may find some tax benefits but you will need to then set up a landlord policy (more expensive than a primary homeowners policy) for the building then purchase a Renters Insurance policy for your self to cover your property and personal liability.

I'm a small business owner and my wife is a real estate agent (and ex interior designer), we both have 700+ credit scores, but not enough cash on hand to cover the difference between the usual 70-75% loaned by hard money lenders and the total cost of projects in the Tampa area.  

Hi Folks,I recently want to re-evaluate my rental properties insurances as well as looking into umbrella insurance to cover them.

My plans have been to buy a multi family here in San Diego house hack but with the market being highly priced in SD my tenant would really only cover 50% of my mortgage but still allowing me to save money for my next investment and ultimately move out and rent out the entire multi family home or my other plan is to buy out of state, cheaper market, less money to get in and start to get cash flow from that property before purchasing in San Diego.

Based on my current experience with this compared to #1 and #2.There is an advantage to cutting your teeth on something easier up front...that being said I think you can buy bigger and do a Great Job focusing on inspections to cover your back side, and get best of both worlds.

They may not be willing to leverage as much or fully cover rehab for someone new especially if you're doing the work yourself and not with a GC or sub-contractors. 3.