Just wanted to ask some questions on your estimated monthly payment with loan, insurance, taxes of $796.33.

Also, how do you verify that the renter has renewed their renters insurance policy? 

We would be depending on the rental income to pay most of the mortgage/taxes/insurance, but are concerned that Galveston may be too saturated with similar properties and that we might have a hard time getting enough renters to earn that income.We'd love to hear from others in the area who host STR property.

Appraisal (including insurance appraisals/valuations).2. 

I have a great insurance guy who is direct to over 40 national insurers, which means he is writing the policy to suit your unique needs. please PM for his contact.

Mold tester recommended remediation for the mold that was found but didn't express any concerns about the level of mold being a concern but I ordered the remediation right away since insurance is paying for water damage due to sump pump failure.   

You need to pay insurance, technology(key) , association, state and national association on top.

Warmly, - Adam  FHA mortgage insurance w/ 3.5% down is stuck for the life of the loan, eg you'd need to refi to drop it.There are conventional 3% and 5% down non-FHA options where it drops off once you have the equity without needing to refinance. 

However, if you're torn between 2 great options with one being familiar and one not, the familiar one breaks the tie IMO.If you're looking to use the property as a short-term rental, the following locations rank as the 5 best places to buy in 2018 (according to a recent report): Panama City Beach, FloridaChicago, IllinoisNapa, CaliforniaTulsa, OklahomaMemphis, TennesseeYou'll also want to consider any additional costs that may be required to effectively run the rental depending on the location and condition the property is in when it's purchased; including home upgrades, management fees, taxes, insurance, and utilities.Before you get in too deep, though, you'll want to check in on the local policies, rules, and regulations to ensure all of your bases are covered.

A properly designed permanent life insurance policy is the underlying asset.