If you can't do that then a HELOC is probably the best bet, but make sure that your rent will bring in enough cash to cover both loans.

seperate accounts seperate check books...)Isn t just getting General liability insurance sufficient to cover your liabilities ?

It's a guaranteed rent payment on the 1st of every month from the housing authority assuming their voucher covers 100% of the rent and usually get just slightly above market rent for each unit.If you have any questions feel free to shoot me a message.

Deal with local real estate brokers who has insurance covering property management.

It's possible that you'll make mistakes which won't be covered by your insurance.Rates and all that is very last thing to think about.

And somebody told me that your net worth has to be able to cover the loan is that true ?

The place needs work on the roof, electric upgraded, HVAC, etc. 

Even though I am not the original owner, should I not be covered for any potential repair costs? 

Since you are renting an apartment for $900, realistically you are paying out of pocket $650 to live under a roof.

the roof?