From what I understand, you can deduct the entire premium as it is an expense to run the rental property.

without understanding your goals and current situation, the advice I'd give to most is to get started with low money down in your neck of the woods by house hacking and build from there. 

In doing so I am struggling to understand what rents would be for SFH in my area.

Understand the following.

Please help me understand!

Understanding one another's difficulties can lead to better solutions.Make sure that any modifications to the rent payment schedule are noted in writing, perhaps as an addition to the lease agreement.

@David M.I will be honest, I am not entirely sure I understand her question.If you have a primary residence in one state and work in another state, then yes you would still pay taxes to the state that you work in.I.E.

Is it usually a 6 month seasoning before being able to go for new appraisal and getting financed based on the ARV rather than cost.I've done a lot of reading and from what I understand this is possible, just looking for verification, recommendations on path forward or alternate plan, and also some lender referrals for when this takes place. 

I understand you'd need to redo the loan but it shouldn't be too difficult especially if it's complete and the appraisal will be high enough.

This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding?