You should expect your lawyer to draft the papers firing your PM and suggest you file a complaint against them at the state licensing authority.He might also request a copy of the audio tape they will have of your PM.

In this tight inventory market, it's far easier for you to find a 70% ARV home than it is a 60% ARV home to have room for an assignment fee.Obviously, we do it every day in both categories, but I'm also a Licensed GC with dozens of crews, a full office team including a rehab manager, etc... so it makes flipping very easy for us.Flipping is much riskier from a time, money, rehab, construction, crew, theft, vandalism during ownership, lawsuit, insurance, holding cost perspective....but we still do plenty of them.We used to be 80-90% retail flips. 

Our regular Subcontractor Plumber had sent out one of his licensed helpers to set toilets and faucets and was the one who found the problem.

As far as what coverages, I would start with looking up what the State requirements are to license the home.the State will usually have pretty stringent guidelines as to which coverages you have to have and what limits of insurance you need to carry.This makes it pretty easy to compare insurance quotes as the insurance agents and carriers all need to quote  the same minimums.

Established areas, developing areas, redeveloping areas?

@Thomas Medrano have you considered getting your license?

Side note If you are rehabbing make sure your home building license is on a company not your personal name.

They are not going to let you loose their money.Make sure you use a reputable title company.Understand the higher the cap rate the higher the risk.Make sure your property manager is a licensed real estate brokerage.

Since I am a license agent I could not say alot of things about the neighborhood so I would refer them to this site for some good information on the neighborhood. 

If not licensed, they are probably violating FL state laws.