For people with a weak character, it is much easier to be angry at me for no reason than it is to face their own shortcomings.But, thankfully, those are the exceptions. 

Personally, I hold properties in an LLC (all banking is done with a separate checking account in the business name) and insure for roughly what you have in your first quote @ 100k liability and $5k medical.Not sure who you got your quote from but it seems a little high for the value of the property.  

Before you buy the house, check with the current owner to see if the house has a "CO" (certificate of occupancy). 

Did you check with the local bank that they would allow you not to have nay skin in the game???

Depending on how much tile/flooring you need, I would check out Lowes and HD for their discontinued stock or whatever they have on sale.

There are many agents out there, but it’s important to choose the right one.https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agentI have other blogs that may be helpful here on BP in my personal blog that you can check out.

Check with local banks as they tend to offer loan products for small businesses or smaller investors.  

So “skin in the game” and equity protection for the HML seems to be checked on the list.

Check Meetup.com Hobby Millionaire has a few each week. 

Check out rental listings.