The down payment/overall price, insurance, taxes, etc seem much lower and the ROI looks to be the same, if not higher on the SFH.

Do you prefer getting an LLC for your property or to use an Umbrella insurance?

Both tenants had been there for more than 5 years so I wrongfully assumed both were stable. 

As the market gets stronger and rates increase, having a property that is renovated, stable and cash flowing might turn out to be a great long term hold for you.

I'm looking for insurance guidance.

You have to be very clear with your Landlord, get it in writing, ensure the home is zoned for short-term rentals, and get the property insured properly.

In the decent parts of Miami homes are listed around 250+ with another 10k for taxes and insurance.

Address: 8177 Garfield Ave Hunington Beach, CA 92646IF i were to buy this for 2,300,000Cap rate: 4.56Bed/ Bath: 1/1 x 8 UnitsRent: 2000 x 8 Expenses: Property Management Fees - 1000Repairs/ Maintenance - 319.14Real Estate Taxes - 2875Rental Property Insurance - 766.67Vacancy Costs - 1333.33Capital Expenditures - 960 Total monthly expenses: 7254.44Financing: Down Payment: 20% - 460000Loan Amount: 1,840000 @ 5% interest rateClosing costs: 69,000PI/Mortgage: 9877.52Cash invested: 529000Total Monthly Cashflow: -1311 = 16,000-7254-9877.52ROI: -2.57%The point of this excersise is for me to recognize bad deals.

The back-up plan is to simply flip the property and take the cash out now for the next project.The Project (2 unit Multi-Family):Acquisition/rehabLand Acquisition:     275k (I'd use my cash to buy)Hard Money Loan:  100k (I might use my home equity line at 4% APR over 20)ARV:                           465k (This is my best assumption based on other comps)Refinance:                348,650Cash out:                  26,250Income:Rent:                         1800x2 (This is conservative)Capex/Maint.          300x2Expenses:                400 (water/trash/electric/sewage/insurance)Using these numbers the property looks like it generates a COC return of about 30% per anum (on the 26k outstanding).

Hire your own title company and get title insurance.