Here are the numbers that we were working with:Purchase price - $77,500Interest Rate - 5.25%Month mortgage, taxes, and insurance - $579Monthly Rent - $1,000Monthly profit - $421The house is in good condition.

Since I was 14 I have sold it all from furniture and auto parts to cars and boats naturally my next step is real estate.

You could have a Title Company provide a Title Insurance Policy to see what they say.

For example paying the insurance, the mortgage, the trash, etc.

Who do you recommend for your E&O insurance and contractors liability insurance? 

Till then adequate insurance and minimum equity in your properties is enough.LLCs will make it more difficultt to acquire financing.

but I live in Denver and I am not making money on the Fla income property due to all the flood, hurricane, wind, commercial insurances, taxes, property manager, etc.  

You can simply form a partnership and buy umbrella insurance.

Make sure the POA holder has communication channels with the PM and the insurance company as well as a way to fund repairs if not covered but required to complete. 

Insurance for one, without a commercial policy, I doubt you will be covered if something happens.