Have the correct insurance to cover STR activity in your home (Proper and CBIZ are the two major players in that area) AND have an umbrella policy in place.  

I sent an email to my insurance guy asking this same question and he sent me a list of dog breeds that they wouldn't insure.

@Scot Fang I just wanted to add to my post above since you are probably wondering how much the above will cost you...Energy Compliance - This is standard now and should have been part of the initial architectural set you submitted to building dept.

If you’re the high bid, you may or may not have met the undisclosed reserve.Generally you get clear title, read the auction terms.Always pay for your own title insurance, do Not take the “free” title insurance...it is an incomplete search and recorded liens will be exempt.Payment terms should be fairly obvious...a deposit is required upon acceptance of bid, closing in how many ever days are specified.  

What is the purchase price, down payment, insurance, property taxes?

If you want to just buy as many properties as possible all at once then a conventional loan would work better because you take equity out all at once and use it all to buy as many properties as possible.Downside of a conventional loan is that the interest rate is usually a little higher tha FHA and you can only get a max of 80% equity, BUT if you get FHA then you have to pay mortage insurance for the life of the loan which usually brings your payment up higher than a conventional loan.Best of luck!

Also look for favorable landlord/tenant statutes, property tax rates and insurance rates.

We have both of our cars paid off as well and keep monthly payments uber low on everything from groceries to insurance.      

Not to imagine the insurance premium as well as anything else I might have missed..Much appreciated

Last  sch C has Insurance at $3947 and Taxes at $2754    Util expenses at $766 (coin operated laundry in building) She is showing a positive income at $24451 on last Sch C.