He wants to role the sale proceeds into a 1031 exchange.

I've been reading about landlord insurance to cover liabilities and damages.

Highly advise taking the proper procedures to legally becoming a property manager, even if it is for a relatives property.Do you have liability and E&O insurance to help protect yourself?

Ask the title company to do their standard title insurance work for both buyer and seller.4) Do the due diligence on the property and allow the bank to do their underwriting process.5) Schedule the closing, wire the money, and sign all of the documents to transfer ownership.Is there anything that I'm missing or have left out?

Purchase price $ 510,000 Purchase Closing Costs 10,200 Estimated Rehab Costs 5,000 Total Project Costs 525,200 Downpayment (36.9%) 188,000 Loan Amount 322,000 Loan Interest Rate 5.250% Total Cash Needed 203,200 Gross Rents 61,440 Monthly Rental Income 5,120 Expenses Advertising 25 Gardening 66 Insurance 250 Management Fee 512 Pest Control 50 Property Tax 638 CapExpense 512 Security System 280 Vacancy 512 Total Monthly Expenses (55.6%) 2,845 Monthly P&I 1,778 Total Cash Flow 497 Performance Metrics Monthly Cash Flow $497 Cash on Cash Return (ROI) 3.17% DSCR 1.28 Purchase Cap Rate 5.35% Proforma Cap Rate 5.20% 1% Rule 0.97%

You need a Pennsylvania POA, not VIrginia... so ask the title company handling this for assistance — they’ll have a PA attorney prepare the right doc and they need to approve it anyway if they are insuring the deal. 

Educated yourself on the pros and cons of that before proceeding in one direction.Here is a diagram to help with these questions a bit:

Any breed of dog can be allowed IF the tenant gets a rider on their renter's policy covering any "insurance classified dangerous breed". 

Also, flood insurance is a must given Houston's weather patterns lately (even though the "Heights" are so named because they are above the flood plain).

I get MINIMAL insurance.