You should be able to cut that insurance cost. 

Hey everyone,Im a licensed and insured GC in Staten Island, NY.

Also, the insurance policy shouldn't be increasing.

One thing you could pray for is a hail storm and insurance would pay for replacing it.

I already have one property that I got through a conventional mortgage that was CHMC insured.

So you'll need your LLC to have bank accounts, check books, address, everything.Or you can just keep it in your name and get an umbrella insurance policy.Also, if you do not have a ton of equity in your property, then you have very little for someone to sue you for... 

In my view, improvements the tenant does on their own without permission are either going to increase the value of my property, or they will be grounds for eviction and will be reversed using the tenant's deposit (and/or courts/insurance if more than deposit). 

With 20% down total monthly expenses (taxes, insurance HOA, P$I) payments would be approx. $1,500/month. 

Property/Deal Profile General Guidelines Purchase Price 700,000 1 Percent Rule (%) 0.857142857 Down Payment (%) 3.50% 50 Percent Rule 3000 Down Payment ($) 24500 Cap Rate 8.214857143 Interest 4% Cash-on-Cash Return 26.73744578 Term (years) 30 Loan amount 687,321 Income Cash Flow Rental Income 1 2500 Total Monthly Income 6000 Rental Income 2 3500 Total Monthly Expenses 5075.33 Laundry Income Storage Income Misc Income Total Monthly Cash Flow 924.67 Total Monthly Income 6,000 Total Annual Cash Flow 11096.04 Expenses Cash-on-Cash Return Taxes 750 Down Payment 24500 Insurance 58 Closing Costs 0 Water/Sewer Rehab Budget 30000 Garbage Misc Other -13000 Electric Gas Total Investment 41500 HOA Fees Lawn/Snow Vacancy 200 Repairs 200 CapEx Property Mgmt.

You need to make sure that your first rental the rent covers: mortgage, insurance, percentage of repairs, percentage of vacancy, percentage of property manager (optional), taxes etc.