Then the lender has to make sure you have enough income to cover the debt, which is the issue you’ll come into since it’s inconsistent 

That is why we suggest people to  make sure you manage them cash flow to cover taxes on your current year sale.

Allowing pets will put you ahead of other rentals and yes, you can charge more per month and have a pet deposit which should cover any expenses occurred by the tenant. 

Im confused about what it is that the insurance will cover.

You will have negative cash flow and will be out of pocket every month to cover expences on th eproperty.....money pit.

Security deposit money cannot be used to cover monthly rent.

(To cover mortgage and what not).

From my research, it seems like it's probably pretty common in DFW area to have tenants do lawn-care, but I'd probably need to cover items like pest control, HVAC check-ups etc.Also I am seeing mortgage rates for investment properties ~ 5.75% to 6%.

Hard Money rates are too outrageous, some conventional lenders will lend for the purchase price but not the rehab, and lines of credit are an option but it's hard to get a business loan large enough to cover 100% of the purchase plus rehab if any.So, here's where I stand.

I use smart move myself but because I charge a non-refundable move in fee I cover the price of the smart move.