Purchase price: $150,000.00Closing cost: $ 3000.00Down payment : 10%Loan Interest rate: 4.8%Gross monthly rent : $1250.00P&I : $ 540PMI : $ 45Monthly insurance : $ 45Property taxes : $105Vacancy : $62.50Repairs : $62.50CapEx: $62.50Management : $ 125Total expense: $1047.50Rent : $ 1250 to $ 1300Cash flow : $ 202.50 to $ 252.50COS : 13.56 %Purchase car rate: 5.95 %This will be my first deal.

Also, the funding fee is actually more expensive than mortgage insurance unless you plan to stay long-term.  

In Florida (not sure about where you're investing), the property has to be insured in which the property is titled to.

Don't you guys buy insurance against any situation like this?

Taxes and insurance are the only landlord paid expenses.

They might want you to carry your own insurance, etc. 

Can any one give me a recommendation on a local Insurance Broker in San Antonio? 

@Russell Brazil My initial intention was to occupy the space and make it my permanent residence, however my fathers health deteriorated shortly after I made the purchase, which is why I made the decision to stay with my parents and try and rent the apartment out, rather then sell and take a loss.

Advise you guys talk to your attorneys and look at grabbing an umbrella insurance policy sine the property is in your personal names. 

If too many layers insurance might not even insure the building.