Lots of lenders are pulling back on the refinances because of some markets declining and rates being so high.

In regards to your question about renters insurance I always require tenants to have it and maintain it.As far as your other questions some people go for an LLC to protect their assets (but more work to do tax time to do it right) where others keep it in their name and get landlord insurance and/or umbrella insurance.

@Michael Mainini you have options and renting could be a good choice if your interest rate is low.

The purchase price, loan amount, your interest rate, whether you need mortgage insurance, your homeowner's insurance cost, property taxes, and your current monthly debt obligations all factor into your DTI.  

The turnover rate requires effort to continue finding renters.

You should have a fairly favourable interest rate though don't you?

I feel like it should just be a flat rate every month for like 100 mailers or so and then if you go over 100 mailers you are charged the $0.99 a mailer.

@Andrea Evans I think:Worst Part - Lots of pitfalls you can fall into if you do not know what to look for like buying and property taxes double, suburb rental license, buying a property with violations, not understanding the importance of lease documents, etc...Best Part - There is so many opportunistic corners or niches in the city and suburbs that most out of state people do not know about and out of state investors never get to cause they get caught looking at cap rates on the south side and in south burbs. 

The benefits on the lending side are huge--lower rates and much lower down payment requirements.

As someone that's traveled (13 year Army veteran), I saw the value and still think prices here are extremely reasonable for all the natural beauty and access to amenities.Interest rates have priced a lot of first time home buyers out of the markets.