Therefore, you can deduct items that are directly related(repairs) to the rental units plus items paid indirectly for the rental units(think real estate taxes, interest, insurance).in addition - it looks like you are looking to use parts of the personal residence as a home office.Just note that, it would be hard to prove that you use 100% of the personal residence as a home office. 

My current mortgage is $410 a month, insurance is $80 a month and taxes are about $50 a month...

If you are aiming for profits over you agent's standard fee, then that's what will leave a bad taste.

A  few things you mention stand out.In no particular order:You probably know this but FHA loans only require 3.5% down, although you do get a very small .05% break in monthly mortgage insurance for putting down 5%. 

Do you think it would pass fha standards?

I was wondering if folks had insight on quotes for landlord insurance.

Find a new lender, there is no "seasoning" requirement to count rental income assuming a traditional/vanilla tenant is in place on a standard lease (AirBnB and similar is a different animal).

Just as a little background, my first flip was with two partners, one of whom purchased and insured the property. 

I’d buy them individually, all at once.....the financing rate and 30 years would offset any additional closing costs, and many of the costs you’ll have will be the same anyway...title search/insurances, appraisals, recordings, etc.

I have a decent budget for a down payment for several units and I was thinking of starting with something like the following...Unit type: Condo (only looking at turnkeys; not going to rehab - much)Asking price: $182,000 - would offer $160,000Fair rent price: $1,600/moProperty taxes: $2203/year; $184/moHOA: $223/monthMortgage (P&I): $635/moLandlord insurance (estimated): $20/moOptional considerations:Property management: $160/mo (10% of the rent; I am not going to use property management at first; I will manage it)Vacancy: $160/mo for as long as it is vacantRepairs: $80/mo as neededI obtained the optional numbers above from here:https://www.biggerpockets.com/renewsblog/2013/01/1...This comes down to...Worst case scenario of $138/month given vacancy, property management, and repairs.Best case scenario of $538/month without any of the optional considerations - so hopefully this is the profit I would be looking at almost every month.Thoughts?