Like there is a federal law that allows owners of 1 to 4 units that live in the property to not have to adhere to the rules of tenant selection..

This is the commonly selected option on the contract and this of course is decided BEFORE the contract is signed. 2.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Tell the insurance rep what you are doing and they will help you select the appropriate policy. 

I think this could be a tough road to navigate but I would certainly look at minimum standards for owners just as you want to be selective on the tenants you put into a unit I think you want to be selective on the owners.

Many books talk about selecting a great team around you, but do I really need one to start out and how would I create a team if I've never invested before?

Lenders will use an AMC, and that AMC will select a random appraiser to inspect the property.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

You and he then select an agreement and go from there.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!