Have good insurance.

Here are some expenses that you haven't mentioned:- Vacancy allowance-  Insurance- Property management - Taxes- Utilities (you seem unsure)- Maintenance- Capital Expense Reserves8.

I understand there are flood maps on the FEMA website and the need to buy flood insurance.

Its much better to lose $100-$200 a month on a property because rent is low, than it is to lose your entire mortgage payment, insurance, tax, maintenance, etc because the property is vacant. 

We think this qualifies as abandoned but my more immediate question is if we have extensively posted the property should/can we insure it?

I am in the process of purchasing my first property and I really under-estimated the insurance cost... 

Cory -   it doesnt  sound like you will need  this extra income for  qualifying so no need to wait  fyi  if your hours  will be  guaranteed and stable   , then the  higher income  should be usable ...if the  hours  are not guaranteed (  eg.. overtime ….seasonal …..not consistent ) , then  likely to not be usable Going FHA is not that  wise  as  the  FHA mortgage insurance is permanent and wont be able to  be eliminated  unless you refinance the loan plus you will have a  large upfront mortgage insurance that you have to pay at closing  ….consider using  a conventional  loan  as the mortgage insurance will  be able to drop off or be eliminated in the  future

I know it would vary state by state as far as pricing, but I thought standard practice would still be generally the same in regards to it being a flat fee, hourly fee, or % fee.

What homeowners insurance providers have you found the least expensive for a standard landlord policy? 

@Anthony Butcher  Based off your numbers and the standard wholesaling formula, your maximum offer would be $127,500, including any of your fees ($325k * 70% - 100k rehab).