My estimation is buying as is, I’ll have a net cash flow of about $500 with mortgage, insurance, taxes and water utility.

Drive Dryad, Nebling, and surrounding streets before pulling the trigger, and see what flood insurance will cost.

My estimation is buying as is, I’ll have a net cash flow of about $500 with mortgage, insurance, taxes and water utility.

Hello BP Team, I am about to close on my first property to flip and was wondering what all insurance I should purchase?

Keep up 300,000 liability insurance on rentals, and no LLC is necessary.

Purchase price: $150,000.00Closing cost: $ 3000.00Down payment : 10%Loan Interest rate: 4.8%Gross monthly rent : $1250.00P&I : $ 540PMI : $ 45Monthly insurance : $ 45Property taxes : $105Vacancy : $62.50Repairs : $62.50CapEx: $62.50Management : $ 125Total expense: $1047.50Rent : $ 1250 to $ 1300Cash flow : $ 202.50 to $ 252.50COS : 13.56 %Purchase car rate: 5.95 %This will be my first deal.

Also, the funding fee is actually more expensive than mortgage insurance unless you plan to stay long-term.  

In Florida (not sure about where you're investing), the property has to be insured in which the property is titled to.

Don't you guys buy insurance against any situation like this?

Taxes and insurance are the only landlord paid expenses.