I say this as someone who made a title insurance claim within a month of buying my very first home.This is always true in general; in your case if you are acquiring from distressed/motivated sellers even more so.

Do you have to also pay 'mortgage' payments to someone else, insurance, the utilities OOP?

Never lower your standards.

How does it work with insurance? 

The closing costs, insurance premium, legal, etc. was about $200,000 ballpark.

@Richard PraterFirst-- call your insurance and ask what breed restrictions they have.   

I credit that to having a clear and outlined checklist for the tenant to follow during move out to insure they get their full deposit back. 

and all i have to do is promise to pay it back.. and get a insurance bond out of Thailand.

The BRRR I'm working on now my end up being a flip, based solely on the fact that this particular property requires flood insurance.

I've been a licensed real estate agent for over a year now, am a novice house hacker and do insurance by day (which pays the bills but lack the passion for).