@Alex Hogle The right people depend on your needs: lenders, bankers, money people, GC's, property management, insurance, etc.

Do you know already what it will cost you to get a loan and are you counting closing cost, insurance, and proper taxes, what about capex?

Industry standard SOP, assuming there is equity, is to finance the closing costs into the loan balance. (2) That's not really the case at all.

Your other option is just to buy more insurance, which is perfectly fine and probably cheaper then setting up a LLC

Cleveland may be in the rust belt, and there may be a steady population decline attributed to that fact, but there are a bunch of stable industries in the area that makes it unlikely that Cleveland will have a rapid decline like Detroit.Anyways, let's see some major industries in Cleveland fail before we start calling it out as a potential Detroit.

@HAILEY ERSKINE Good for you, get the ducks in the row, start collecting 1) realtor, 2) real estate attorney, 3) cheap title search, 4) CPA, 5) Contractors (handymen, electricians, plumbers, roofers), 6) Insurance. 

But I was curious what people in the industry thought.Anyway, thank you very much for your time and allowing me to be a part of the community.

When a tenant vacates or is evicted, does their renters insurance policy cover liability in a lawsuit for damages to the property caused by the tenant?

There may be potential title insurance claims here as well.

The carrying costs for the house are not cheap considering the interest payment, utilities, insurance, and taxes.