I would look into something similar to the Lifeproof brand they carry at Home Depot. 

Ow carry over to investing out of state... and having also recently closed on a property in the Midwest, I feel much better prepared.

But... along the way there's all kinds of other factors and variables that would have to be considered like cost of carrying risk of market turn, cost of renting or a mortgage in Vegas,  etc.Grandma and Grandpa are already retired and don't need need complications in their life. 

Realtor does make a difference..but so does months inventory (supply) and DOM (carrying costs).

I lost carrying costs. 

I BRRR’d my first property for the Reno and dowmpayment on this and I won’t be able to carry a huge setback like this.

Anyone have any suggestions on how much home owners insurance I should carry.  

I have carried back second mortgages for sellers, and so I always ask for owner financing. 

They do not take into account other costs like insurance, carry costs, cost of time, opportunity costs...They always undervalue my time and expertise finding the right project and the money to do it, working weekends holidays and nights. 

For multi-family 5+ you get a commercial loan, the eligibility of the loan is mostly based on the income the property generates and if it can carry it self after the bank runs their calculators and cost assumptions.