I was told by my insurance agent that a % of loss of revenue can only be covered by insurance until the property damage is fixed, which could pre-date the return of essential utilities.

You have the problem common to a lot of people getting started; wanting to invest but lacking sufficient capital.  

Can I qualify as a First Time Home Buyer and utilize FHA or similar programs?

When you start to grow bigger you will be thankful you don't have boxes of keys.

If you increase rents, if you go MUGS and put the utilities, if if if ifHaving owned and sold businesses and 1-2 properties, I have learned that I do not want to pay for POTENTIAL, but want to pay for what it ACTUALLY produces.Of course the seller will want the max, and the real estate agent will also want the max, so will push for the Pro-forma or potential income.....and base asking price off of this.I find that my numbers to evaluate properties almost never work with the asking price (based off potential), but almost always work with ACTUAL value.

However, utilizing a 1031 exchange allows you to defer the tax liability for capital gains, potentially offering tax advantages in real estate investment.

Both of these cost you (from rent) utilities, amenities supplies like paper towels, and furniture deterioration.

Just to use as a starting point to estimate costs?

This really depends on where you're starting out.

I want to start advising my buyers to use land trust transfers when we acquire properties that have underlying notes since we are seeing an increase in notes being called.