For the life of me I can't seem to figure out which way makes the most sense (for my situation) to make my leap into RE.

Our insurance agent was working on getting us some sort of blanket policy that covered up to the purchase price only, but he's having difficulty because we often have mobile homes.

My main purpose is to help new investors, that are thinking about jumping into real estate investing, get a real life picture of what to expect.

Medicaid issued AL allows for housing, insurance, guardian and attorney fees if any, and a PNA, and community spousal allocation if applicable.  

Taxes, insurance, vacancy, eviction costs, repairs, maintenance, property management, accounting, etc. 

I've looked into them in the past as they would work well for me with low money down, i heard before that you had to pay monthly loan insurance(think it was around $100) and got nervous about it cutting into my cash flow to much.

Tom Lipps The tittle company will make sure the taxes are cleaned up as they provide the tittle insurance.

My math with your numbers would be more like this:Acquisition:Asking: 290kRepairs: 15k Total Acquisition: 305k Revenue: 28,800Taxes: 4583 
Insurance: 1800 Cap ex: 2400PM @ 10%: 2880 Total: 11,663NOI: 17,137 Cap Rate: 5.6% Cap Rate w/o PM: 6.56% Not a crazy return but pretty normal to see in Miami if you're purchasing in middle to upper class neighborhoods.

As for the LLC - do you recommend what kinda Insurances should I be taking ?

I would like to start flipping so I'm saving to get licensed and insured this way I can bid on bigger jobs.