I have lots of experience in this area so, please feel free to contact me and I can also help you find some nice properties.
Cell# 214 966-2100
Besides the typical hazard insurance required for all properties, you will also need to get at least 6 months of rent loss insurance. Rent loss insurance covers situations that would otherwise keep tenants from paying rent such as a fire, flood or other weather event that makes the property uninhabitable (for up to 6 months in this case). During this 6 months, the property would be repaired/rebuilt so that you can begin receiving rents again in order to pay the loan payments. The rent loss insurance pays the amount of the lost rents (up to "market") during this time. I believe most lenders require it, but even if you paid cash, you should obtain this insurance for at least the amount of rent that you forecast to receive from the units.
I began underwriting investment properties in 1989 and would be glad to discuss the details of obtaining a loan, returns on (and of) your investment, reasonable projections and assumptions based on various markets within the DFW Metroplex and certainly, the search of a property that would meet your objectives.
I'm available by email, phone or text.
Brent Rice, Top Recommended Broker
The Rice Group, Inc.
Its about 8-12% for the management fee. Insruanace will be depends on your lender if you are getting a loan. Lender always have a required on what kind of insurance you need.
But if you are paying cash, I will just get it at replacement cost to cover the property in case of fire or storm.
JP and Assocaite