Here are the knowns:Rent per tenant: $750 (this is below market value due to deferred maintenance, I believe $1,000-1,200 is more realistic)Property taxes: $900 per yearLandlord insurance: $1,000 per yearLandlord pays water/trash: claims to be $125 per month (will ask for proof)Landlord is in charge of snow removal and mowing lawnThere are 5 electric meters, each tenant pays their own (landlord covers hallway and outdoor lights)What I plan to ask for is the copies of the leases, copies of the utility bills, and copies of bank statements showing the tenants are actually paying on time.

For a single family property, do you require your renters to have their own insurance in addition to the home owner insurance already in place?

I figure I could just get flood insurance for the property and the rent ROI would still be good for the property.I've noticed sense hurricane Michael came through NC some areas sprung up as being flood areas around NC.

For property insurance - I did a rough estimate of $189,000/$1,000 x $3.50 and amortized monthly.Vacancy = 5%, Repairs =5%, Capex = 8%, and property management =10% (even though I'd manage it while I lived there).Clearly, the numbers don't look very great at the $189,000 ask (see below)So, we've gotten a negative monthly cash flow of $693.35 to live there.

It will go through a title company, transfer, and you will hold deed, get title insurance from seller, etc., - all like a normal transaction.

And if you well the LLC rather than the property your buyer can avoid paying for a real estate closing and new title insurance. 

Worst case scenario you can still either give the house back, sell it, try to refinance it, or find hard money as a stopgap.Insurance:   Since the insurance has the original owners name on file, wouldn't any check that results from a claim be sent to them instead of you? 

Maybe.Finally the 6 grand left covers the property tax and insurance with the first month rent or deposit and any other costs without a real estate agent taking more money as ill be the main guy making sure the proper paperwork gets done along with title insurance and the like, then we move in.

total $1000 monthlyRemember most of the cashflow cities are just coming back to 2006 levels.. 130k down can get you a duplex, triplex or quad in riverside and san bernadino county. cash flow probably $400 to $500 a monthabout your other questions,,Need to set up LLC in state of property--- you dont need that. just a landlord insurance and a umbrella insurance to cover you.Need to set up business bank account--- rental income can be deposited in any accountNeed to find Mentor-- yes Need Attorney-- what for?

Went through the LLC battle in my head several hundred times, and ultimately landed on an umbrella insurance policy as the band aid to hold over my liability anxiety.