Can anyone who has done this offer any tips and tricks?

The insurance is $150/month and she just renewed her lease.  

My name is Josh, I live in Oklahoma City, and I am currently working in insurance.

Is there a third-party company that offers Damage Protection coverage for midterm rentals?

What was the exit strategy offered or communicated by the GP?

I joined some facebook group and sometimes the members of the group offer a joint venture where the original investor has bought a property but will need my money for the renovation.

Perhaps even just own the real estate under your own name while you are getting started and get a good insurance policy on the property. 

Most national or mainstream mortgage lenders do not offer Super Jumbo mortgage loans (typically above $1.5-$2.5M) Although Super Jumbo Loan Lenders can provide loan amounts from $3M-30M+The majority of these buyers obtain their mortgage recommendation through their real estate professional or frequently through their existing private or premium banking relationship. 

It’s great for getting an idea of what similar properties are going for in your area.Zillow Rental Manager: Not only can you list and manage your rental property here, but it also offers rental price estimates based on local market data.AirDNA: While primarily focused on short-term rentals, AirDNA offers data that can help you set prices for medium-term rentals by providing insights into occupancy rates and revenue projections.PriceLabs: This dynamic pricing tool adjusts rental rates based on demand, seasonality, and local events.

I'd like to echo Brian's idea on considering hard money lending as potential strategy.Hard money lending can offer similar to even higher returns compared to traditional real estate investments, often ranging from 8-15%, providing the cash you're looking for even in A/B areas.