We put about $2500 and some sweat equity into the property before renting it out (some flooring, new dishwasher, new water heater, painting, etc).income: $1295expenses: $108 vacancy (guess), $283 HOA fee, $161 property tax, $14 insurance, $130 repairs / updates (guess), $480 mortgagecashflow = $119And that doesn't take management into account, which so far we'll try to do ourselves (from NH -- I know that's iffy, but we did find a high quality tenant so we're hoping that not too much will happen).

Insurance is roughly $1,000/year.

LOLYou didn't share what type of investment property you will be purchasing.Little residential houses do not blend well with lenders or insurers.  

Hi Everyone,My name is Cristian Sipa and I'm a partner in an Insurance Agency based out of Anaheim, CA. 

Always do the math analysis and try to look at your prospective properties before you make an offer or at least have a clause that will protect you for some time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.Right after you close on an improved property get an insurance policy that will protect you if there is a loss.  

What type of insurance should I carry?

Id like to get title insurance on it so that i can sell the property in the future.

Id like to get title insurance on it so that i can sell the property in the future.

Best of luck to all of you out there who are hustling and grinding trying to make a life for yourself.

Even $50 a month can reduce your interest greatly over the life of the loan.