Depends on the size of the house, how much of it you're covering, quality of the material and your labor costs.

I suppose the obvious goal would be to try and cover our monthly mortgage payment, and then some, but it's a pretty hefty monthly nut, and I don't know how easy it's going to be to cover it.

Does anyone offer a general policy to cover me no matter where my property resides?

Should I budget money aside just incase of these things, is there an insurance out there for landlords that cover these things?

You need this information to run your investment numbers, to make sure the rental returns cover the expenses.If you do not want to be a landlord, you can hire a property management company to do this for you.

I am purchasing a fire/dwelling insurance policy to cover myself incase of loss.

Because I will need that to pay for materials for renovations and have started to apply for those 12 month 0% apr cards...(5) If you get a decent fixed rate 5.9-6.2 for 30 yr fixed, do you still try to slam every nickle into the mortgage or should you be content with being able to cover the mortgage and/or make slightly positive cash flow, and instead of pre-paying the mortgage, save your money for a new investment?

The best advice i can offer you is #1 do your homework... cover every possible base mentally before you proceed

It can cover more than a house.2.

Do NOT go into this or any other deal with a girlfriend, fiance or any other party that you're not married to WITHOUT A VERY DETAILED BUY/SELL AGREEMENT to cover EVERY contingency.