The usual example you'll see is if a LL's property insurance policy does not allow German Shepherds, then they do not need to allow a German Shepherd to live on the property even if it is an ESA or service animal. 

This can be looked up on Freddie Mac’s website; http://www.freddiemac.com/homepossible/eligibility.htmlMay NOT own other residential propertyMI insurance when greater than 80% LTVMax loan amount - conforming limits (super conforming allowed on SFR only) Non- occupying co-borrowers are not allowed with this program

In this scenario would we need Title Insurance?  

With Vacancy of 8%, Repairs of 8%, CapX of 10%, insurance of 11%, and property taxes of 11% you have 48% in non-mortgage related expenses, which would be $348/month (725 * 48%) PLUS mortgage/taxes/PMI of $384 as stated in your calc, that brings your total costs to $732, putting you at a negative $7/month in cash flow.

I know that you would have to get the owners consent written into the lease and you would have to secure short term rental insurance.  

I just purchased my first rental property and I'm wondering what apps or software you use to keep track of the incoming rent, along with expenses of taxes, insurance and repairs?

Houses in the immediate area with the same square footage are renting for $1700 min. the taxes are $4000 & insurance is a little less than $2000

@Steve A SpannSome thoughts:To get title insurance for tax sale properties, you often need to take additional steps.

I was renting out the other side for over $200 more than my monthly PITI (Principal, Interest, Taxes (property), and Insurance). 

I would call an insurance agent that offers flood insurance and see if it is insurable and the rate.