I am comfortable with this because we are in a community property state.   

If you’re looking to really maximize short term rental profitability and Galveston is your place.I would consider Austin a second runner up since they have such a great music scene and so many festivals. 

It asks 7 questions to help you zero in on a limit of insurance that you could feel comfortable with.

FHA or bank if they will finance it, I feel more comfortable.

Located within my comfort radius of my home.

Knowing the ins and outs of managing a property, finding good contractors, and working through everything that comes up will help you in the long run when you have to put your trust in other people out of state to manage your investment.Also, a factor to consider is that if you are able to house hack, you not only get the cash flow (if you accept being less comfortable, it's not hard to cashflow a good amount) but you also cut out your living expense.

I am more then comfortable to BRRRR properties with my history in construction.

I am looking to help them keep the house get it rented and renovated so they can maximize the rental income and help them get income so that they can move out and live in another house or should I have them stay in the house and just collect rent

What investment will it take to maximize the property potential?

I know some things can only be learned with real-world experience and at some point, I will need to take a leap of faith and purchase while venturing outside of my comfort zone.I'm sure this will depend on many factors, but what concepts do you think are critical for a new investor to understand.