The mortgage would would mature March 2043  (approx 25 years) and would be $1454.50 per month (not including taxes $3794 per year and insurance - no PMI).   

Flood insurance can be really high. 

What type of insurance do I need to get as I will need to evict the person first and then do some rehab to make it a rental?

HiI own several multi family buildings in Central / North Florida and for example on an older duplex I pay $700 a year for insurance, which I feel is a good deal. 

Even legendary billionaire investor Warren Buffett, with all of his endeavors into energy, insurance companies and holding sizable stakes in companies like Coke and Wells Fargo, still calls his own home his best investment ever.

I've made many improvements to the property to insure it was properly secured and to prepare it properly to become a rental property.

Holding costs are things like mortgage payments, taxes, utilities, insurance, HOA fees, and anything else that pops up while you own a home.

Some of my costs just to maintain, and these are just estimates as I dont want to look up the exact amountsMLS = $1,000E&O Insurance = $1,000Board Dues = $1,000Sentrilock = $300Showing Service = $300Continuing Education = $500Licensing Fees = $300

I can't confirm how much taxes you will owe (not a CPA, you should confirm this with a CPA) but you will be able to deduct prorated portion of all expenses on the property (mortgage interest, property taxes, insurance, property management fees, repairs, etc.) and then whatever is left will be taxed. 

You can require insurance as part of the rental but that won't cover the "emotional" value of things.