You have a mortgage on it so no one's going to go after you; you'll just need good rental insurance and (recommend) an umbrella policy. $200-300 per month isn't great, so make sure it really makes sense to keep it as a rental.

This is a passive way of earning with real estate-based security, protection and insurance. 

"Soft" Bridge loan from Midwestern Life Insurance Agency.

Make sure you update your insurance policy.

A $200,000 duplex might have identical rents in municipality “A” and municipality “B” but the property tax rates will vary, local regulations will dictate licensing requirements, labor rates will vary & the particular location will dictate insurance premiums since insurance carriers will weigh local replacement costs and whether the municipality is viewed as being a “plaintiff friendly” in arriving at insurance premiums.Better situated assets will attract better tenants.

i used Kevin Hoag, Farmers Insurance for my rentals in Cleveland.   

Reason being, if something goes wrong, the PM is covered (and so are you) by the plumber's insurance and license.Apparently, this is around the same price other people around the US are paying. 

double check your outlay of costs on arbitrage. you may not be paying to buy a property, but you will have to furnish it, carry insurance, and pay the owner their money too. and at the end of the day, the owner can stop your "business" and take it off the market or sell it at any time. 

But you'll have to change the insurance to the LLC, and the lender will be notified. 

I have taken all my taxes and insurance out of escrow, and I run them through credit cards to rack up points, so I pay a lot of bills every year.3.