This is accomplished with an excellent team around you including an investor friendly Realtor who ideally is an investor themselves, property inspector, property manager, insurance agent, and asset protection and business attorney.

I'm light on capital so paying a mentor isn't an option, but happy to split revenue (pay as I learn).I don't currently own in Florida, but from what I've read, the challenge is in even getting insurance.

However, due to rising insurance and tax costs, I'm starting to feel the financial pinch as the tenant currently pays rent 60% below the market average.My long-term goal is to acquire more properties, and I've considered doing a cash-out refinance to access equity for reinvestment.

The reason for this is because most mechanicals electric plumbing are more in line with today's code, and a lot of these properties typically need more cosmetic type of rehab.

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets. 

You still have flooring, cabinets, bathrooms, plumbing, insulation, paint, etc, so all that cost remains the same it would seem. 

The DSCR program "Must use the lesser of the two either common rent from the appraiser 1007 rent schedule form on the appraisal or the lease".You also have to factor in the taxes and insurance because a guesstimate or ball park can kill the approval. 

Horrible tenants increase cautiousness and interaction with insurance Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

They give you 20-30 days to prove they are gone or cancel your insurance.

I agree with others about insurance.