@Melissa YeungThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

Hi All,Looking for some advice on how to shop for Insurance. 

Have you called around and received quotes from some local insurance agencies?

This does not include HVAC, roof, plumbing, foundation, and electrical.What type of houses/buildings are you focusing on?

For $50/month we get to deal with rigorous screening of less than ideal tenants, constant calls from tenants, damage to the property every time we turn around because people do not care about things in this class of property, Section 8 and the government (who doesnt love to deal with the governement), maintenance requests because none of the plumbing is updated, codes enforcement because the tenant decided it was a great idea to put a couch in the yard, and last but not least angry owners wondering why their pro forma isnt being met ("I was gunna get a 75% COC on this thing").Now this is a pessimistic view of what it is like but PM is a pretty thankless job, especially in low end properties.

You might have to ask around or guess insurance costs, or you could call a insurance company and tell them you're just trying to get a basic idea for research (so they understand that you don't need a full-on quote).

Here’s how I would analyze it:Vacancy - $95.1 (one month rent) 8.34%PM - $115 (Even if you self manage) 10%CapEx - $80.5 (7%)Repairs - $92 (8%)Total = $ 382.60Total Expenses = $382.60 + $266.67 Taxes + $70 Insurance + $526.09 P&I = $1,245.36Cash Flow = $1,150 - $1,245.36 = - $95.36 (Negative Cash Flow)Also you did not include Closing costs for the Purchase and Refinance.  

It's the removal, the insurance, the wear and tear and the cost of the snow shovel - it all adds up in the Norther states.

Do your due diligents (flood zone, insurance cost, rehab cost, ARV, existing leans, updated taxes, ect.)Pay for title insurance!

Most of my investment properties are single wide trailers as rentals that my building crew and myself have gone through and completely remodeled, from new roof, layout plumbing, electrical, drywall, and appliances.