Get insurance and an attorney  or other professional that can help you develop an asset protection plan. 

I’m not allowed to profit from any repairs, but I have a ton of experience in estimating for repairs using xactimate software, which has standard pricing for anyone providing work for insurance companies.

The previous owner could've made an insurance claim for some major problem with the property and you'd never even know about it until it's too late.Don't mean to scare you, but buyer beware.

I just want to confirm when using the 50% rule, we only use it to compare to the mortgage amount and not taxes, insurance, etc.?

You have property taxes of 2000  and insurance of 276/yr (which seems low).

@Allan Figueroa If you are buying small multi unit you could do it in your own name and get an insurance policy.

Check Rentometer and Craigslist to get an idea of rental rates, understand how to calculate all expenses (especially how to look up property taxes and get insurance quotes), and interview multiple property management companies.Hope that helps and best of luck!

Title insurance and escrow will probably be around $1,500. 

If you are looking for something to estimate costs for a rehab I suggest using this book that is used by insurance adjusters to estimate replacement value on items.

If that payment doesn't include taxes and insurance, you need to add that into your monthly expenses, as well.