However if someone wanted a lien I had I would almost always want a premium above and beyond the taxes and interest due.  

* Other structures , $0* Personal Property $2000* Fair Rental Value , $18,000* Additional Living Expenses, $0* Personal Liability $500,000* Medical Payments $5000* Annual premium $548What should i consider in terms of additional new coverage items or increasing the current coverage.

This may cost a premium.

In this article from Forbes, Dallas was the top city to invest in housing with an expected continued 30% increase in price by 2020 for the following reasons: 1) 6.2% three-year population growth (2012-2015)2) 3.9% job gains in 20163) 9-10% annual home price gainslink to the article: http://www.forbes.com/sites/samanthasharf/2017/01/...For flippers, you may find it challenging to find margins of 30%, but the rapid increase in home values has helped with the lower initial purchase margins with flippers selling at a premium. 

Purchase a property that will allow a change in the way rents are charged, such as putting in separate utility metering, utilizing short term or even daily rentals at a premium (Airbnb), increasing occupancy rate (renting out motel suites monthly which eliminates local motel daily occupancy tax).8.

If they want the premium stuff they can sign into a service, if not, basic cable!

There is a small town in Virginia north of Richmond (the other one) called Ashland and homes on the tracks there actually sell at a premium because of the architectural styles and the fact that the train is integral to the town's identity.

In many neighborhoods, you are paying a premium to the comps and I don't believe you'd be able to recoup your initial investment if you had to sell in the near future.In addition to that, you need to calculate property taxes based on what the property is being sold to you for, not what is on the tax rolls. 2.7% of appraised value is a good rule of thumb. 

Do not give the insurance company an unnecessary a reason to drop you or increase your premiums.

First off I would like to say that for FHA programs the correct term would be MIP which is mortgage insurance premiums.