This rent covered all expenses on the 15 year mortgage, insurance, and HOA fees with small profit that got eaten up on paper by LLC expenses, depreciation, PM and accounting fees, etc.  

Sometimes life delivers a crazy hand that we are dealt.

I have sold insurance to many of Federico clients and he always seams to find them great deals.

My question is do I need a more extensive of insurance policy with people staying on our property.  

Rarely does a tenant have FLOOD renter's insurance. 

Put down 80k on the house to avoid mortgage insurance.

If you are just looking now finding a good PM in the area can help because they can steer you away from deals that may look good on paper but not in real life.  

But I can't remember for the life of me what "house hacking" means?  

Pencil it out assuming 10% capex and 10% vacancy plus all of your normal expenses including taxes, insurance, general maintenance, utilities, water/sewer etc...On a tri if the income for the 2 covers all your expenses including mortgage and taxes and you can live in the 3rd then I would consider that to be a good deal.These deals exist in baltimore but you might have trouble finding something turnkey in a place you want to live so maybe check for something with some deferred maintenance that you can force some appreciation on.Good luck!

I have one rental in Louisiana and when we got flooded... the rental lease is not in effect anymore as the house is not live able.... it's a pain if u don't have insurance.... if ur renters are good for it.... at least ask them to take out their stuff in the curb... a lot of renters just here just left.... and landlords has to do all the hauling away of their thrash too...On the gentle note.... pls be cautious when talking with renters... pls be kind and understandable that they too lost a lot of their possessions aside from the fact that they might not have a house to rent as housing demand will be very high....