Everyone thinks that they can do this, and many don't truly understand how much work is involved and the team that is required to make a deal happen.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Marc Winter Are both people involved in the fighting on the lease?

If so, get that person involved.

While I love gaining the experience, I definitely want a substantial profit the effort involved (even though sometimes there's very little effort :) )

I am in FL and I have a FARBAR contract but I am not sure if it can be between me and the seller or is there any other professional that needs to be involved.

No need to get a lawyer involved on something this simple.

My question involves obtaining property insurance to protect against a decline in value of the property.There are 2 economic interests in the risk assessment the need to be insured against.1.

Every deal doesn't have to be a "wedge" or a BRRRR type deal where sweat equity is involved.

That being said, the most rewarding part of this project is getting my family involved in the process.