have a solid idea of your market ie rents, types of tenants, property taxes, sewage and water rates, insurance rates, cap ex and maintenance expenses, good parts of town vs bad parts of town.

Some quick points:FHA is great for buying properties that have multiple units (up to 4) when you're going to live in one.You can do either a 203K renovation loan or regular FHA insured loan.FHA is not only for first time home buyers.  

They include loan payments, taxes, insurance, utilities, and any other costs that occur during the Rehab period and up until the property is fully rented.  

I have been offered the loan I would like but need to pay a sizable insurance sum.

I will not waste my time on an open house with curious neighbors, bored realtors and competing landlords.I am not afraid to adjust my asking price if I am concerned about losing out on a month's rent.I never follow up with a tenant- I don't want to shoe horn someone into one of my units and I don't adjust my standards, practices and rules.I have nice places, but even still- when a potential tenant shows up and they have to wait to be shown the unit because of others in line, it does something magical.Best of luck.

Insurance paid the first time & yet the city wouldn't address the ongoing sewer issues.

There is also something to be said about using forms that are "industry" standard.

Quality insurance for the IRA is therefore a must. 

For me, I rent to a lot of college students, so this is standard to have the parents pay the rent.

So rather than be approved for a set loan amount, you are really approved for a set monthly payment that includes taxes, insurance, etc.