When in doubt, pretend your customer/client/business partner is your grandmother and this deal involves her last nickel, what would you do then?

Everyone thinks that they can do this, and many don't truly understand how much work is involved and the team that is required to make a deal happen.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Marc Winter Are both people involved in the fighting on the lease?

If so, get that person involved.

While I love gaining the experience, I definitely want a substantial profit the effort involved (even though sometimes there's very little effort :) )

I am in FL and I have a FARBAR contract but I am not sure if it can be between me and the seller or is there any other professional that needs to be involved.

No need to get a lawyer involved on something this simple.

My question involves obtaining property insurance to protect against a decline in value of the property.There are 2 economic interests in the risk assessment the need to be insured against.1.

Every deal doesn't have to be a "wedge" or a BRRRR type deal where sweat equity is involved.