Some things you want to learn/consider before heading down this path:ensure that you and your wife are both on-board with the idea {of watching someone live in your old home} and the time commitment it may entail (turnover between tenants, fixing items that break);ensure that the house is in an area conducive to rentals (good schools, nearby to employers, shopping, etc ... all the things you probably considered when you purchased it) and find out what the rental rates are like in the area for comparable houses;once you know your potential revenue (be conservative in estimating) ensure you can afford to operate the business given the potential revenue stream ... and ensure you can carry the house if it sits vacant for a few months;read-up on the Landlord - Tenancy law in your location ... including Fair Housing requirements;make certain you learn how to thoroughly screen tenant candidates (it's much easier and cheaper to avoid a bad tenant than get rid of one).  

Dwelling 144kOther structures 14,400Personal property 5kLoss of use 14,400Premises liability 300kMedical 1kTotaling payments if $1202 per year.Anyone have companies they recommend?

The subject property plays a role too, is there a high concentration (higher risk) of tenants in an apartment complex or is it a single family dwelling with low risk?  

I'm in the process of opening my Real Estate Company and I'm hoping to find out what software programs other companies are using to assist them with stream lining their work flow.  

Or one of the many private lenders catering to RE investors such as Dwell Finance, Lima One Capital, B2R, to name a few.

You might have to increase your revenue stream.

From my experience you will have to meet current egress with all windows and doors for them to allow you to make it into a residential dwelling.

Excited to get around it and explore/learn new things.My dad is involved with real estate as a side thing and from what I've seen over the years its a great tool to generate income/alternate income stream.

Oh and let's not forget that I have the ability to also shield some of the income from the property acquired with this down payment via depreciation against an income stream for 27.5 years.If the 401K was not SD and company provided it is very likely that the fees would be higher and that the interest would have gone back to the plan provider instead of my account.  

Hi Richard,There are several companies out there who will write a vacant dwelling policy for the type of property you're talking about.