You can deduct prepaid interest, insurance.

I did not think you did either but I am pretty sure you do.and in Oregon you don't need a real estate license but if your buying a property to resell IE your not owner occupy you for SURE need a developers license.. and to get one is simply a fee and you need a bond and insurance.. so we cannot make a blanket statement that its legal In all 50 states.. to buy then resell.. 

My costs go up every year in taxes, insurance, costs of repair, HOA dues, etc.. if you choose to, then definitely include something in return.  

Anyway I’d like to add that I go by the HUD rental standards rate.

Mine didn't see me needing the protection of an LLC until I grew larger but advised liability insurance.  

Get a good condo lender, who knows how to read the budget and insurance requirements properly. 

and a big one, will your insurance provider cover a claim like a kitchen fire if the kitchen was being used for a commercial purpose?

We're in our due diligence period for our first deal, but we're having trouble finding insurance for it.

Insurance and utilities. 

When I sent the approval letter with details about utilities, move in date, and the requirement of renter's insurance, he outright refused to purchase renter's insurance.