It's unlikely you will ever successfully get sued for more than 1m, so you should be more than fine with a simple $200/yr, 1million insurance policy.

@Austin KelpisYou’ll be fine, there is no losing in your first purchase.

Finally, if you're keeping your leverage at 75% or less, you'll be fine.

Every 6-12m (or even longer) is probably fine.

However, like everybody mentioned before me, those houses needs full updates.Especially mechanical and electric service upgrades.Most likely, they work on older wiring.If you don't update it now, it would be fine, but if you decide to change it to central air etc... it will not be enough to support the new system.I would budget everything, and make smart upgrades.

If so, fine....if not, you should set aside 8-10% for Management.

As long as you can force more than 20-25% equity you should be fine. 

If it's within the 128 Belt your 6-month to 1 year outlook will be fine. 495 belt will be ok as well.

It needs a total gut rehab, which is fine.

There are some great and not so great turnkey companies out there just do your due diligence on them and you will be just fine.