I've read in different books and articles that when first looking at properties there can be a high level rule of thumb for rehab estimates.  

@Elizabeth M Williams - Great article! 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

But an attorney would provide articles of incorporation and an operating agreement along with the LLC to designate it for your tax or legal needs that are important to you.   

Now...I recently read an article stating that, for example, I have the property for 5 years, I live in it for 2 of the 5 years before selling, and it's a rental for the other 3 years. 

I felt I needed to add this post as an article since I believe the underlying theme is very important.

If not then you should google (Private flood insurance) or (Lloyds of London Flood Insurance) you can also check out this article that Investopedia did on flood insurance.Best of luck with all your ventures. 

@Destry B.I found this article which was helpful.

Frank Wong totally agree and like your simple formula for the 1st Million, I wanted to give bit more details in my article.