The reality is that insurance will cover your 16-year-old's accident.

I own several hundred rental units in other states, otherwise I'd join you in helping cover the costs.

If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

Does the cost cover all portions or are there "upsales" where more "services" are provided?

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Until then, hopefully you can charge enough to at least cover your expenses. 

While Section 8 appears to promise "guaranteed" income, the reality is quite different.Section 8 typically covers about 80% of the rent with tenants responsible for the remaining 20%.

Can anyone recommend a company that offers a builders risk policy to cover the construction period but then will also allow a cancellation and refund after work is finished to convert into a standard landlord policy.  

House hacking lets you live in one unit and rent out the others, which can help cover your mortgage and generate some extra income.

So to measure the risk, if you're in R-7 & R-8 it is entirely up to the local councilmember who covers the area as to whether or not they would be willing to introduce the legislation.