If you want to sell it, this could be an ideal time to sell.

Location: IndianapolisPurchase price: $125kClosing: $1,200Reno: $78kProjected Reno time: 3 monthsHolding costs: insurance $350 (3 months), taxes ($150), utilities ($500)All in costs on projected timeline: $205,200ARV: $260kIf I BRRRR:Rent: $1,500PM: $150New Assessed value for tax: $450/month (2%)Please help!

They need to carry basic hazard insurance while the builder carries the liability.  

Another option is to ask your insurance company what the replacement costs would be as they have all that data as well and use it for underwriting policies. 

I deal with the tenants-- take phone calls, screen applicants, show apartments, collect rent, deal with maintenance issues (scheduling and hiring), find properties, market properties, plan renovations, buy renovation materials, assist with renovations and do bookkeeping for rent collections. 

Do I need to purchase title insurance? 

Maintenance, Taxes, Insurance will never stay the same.

Maybe owner will sign deed back to your dad but make sure you get title insurance and know if any liens are outstanding.

Should tenants have renters insurance?

I am hoping to get some guidance on my current revenue/expense assumptions:Rent / Purchase Price -> 1.0% to 1.1% (model set-up for varying ranges)Vacancy Rate -> 0 to 10% (model set-up for varying ranges) Property Tax -> ~2.5% (looking at Tarrant County property site for reference)Insurance -> ~0.9% (based on my personal residence)Property Mgmt.