or will closing costs including transfer and title fees, etc eat up a lot of it?

You'll run your numbers based on taxes, insurance, repairs and cap ex once you get rent rolls. 

Ok so I’m not sure if “taking my first step” is the right title for this since I have a property I’m currently living in that is paid in full and in need of a ton of renovations.

Backed it up with a commercial insurance policy that includes a homeowners policy and $1MM general liability.

I am really most interested in trying to pay down debt that I already have.Other things I have heard about are self-directed IRA's where title to a property is held in the name of the IRA. 

I discussed my position and explained that if everyone expected payment for an inconvenience then every tenant would insure an inconvenience every month.

My question is, do I need flood insurance in addition to my normal home insurance?  

Single Member LLC To reduce their liability many property owners desire to hold title in the name of a limited liability company (LLC).

After I submitted the offer I found out that I need flood insurance.

In many ways, it's good to have strict rules in place because some owners aren't properly insuring, paying the right taxes, might not get business permits or simple things like fire extinguisher inspections.