Who do you want on your team (real estate investing is a team sport and does not start out a singular sport): Real Estate Agent, mortgage broker, banker, inspector, insurance agent, CPA, real estate attorney, property manager.

My expenses each month, including car payment, rent, insurance, food, everything, is around $1,600.

Not just taxes and insurance, but property management (if you do it yourself, you still need to be paid so include the expense), utilities, vacancy allowance, capital reserves, administration expense, advertising, paroll (if applicable), etc.Also, the 100 year flood plain concerns me.

- Taxes (you should be able to get this from you local tax assessor website)- Insurance (call your insurance agent for a quote)- Maintenance (what kind of condition is the place in?

Rent = $850/month Expenses = $425/month (includes taxes and insurance) NOI = $425/month Debt service = $166 (just the P&I payment) Cash flow = $259Those taxes are horrible.

It's a turnkey property with monthly cash flow around ~300 (Monthly Rent: $800, Expenses: PM:$100,CAPEX:$100,Vacancy:$100,Tax:$70,Insurance:$30,Other Expenses:$100).

Any recommendations on an insurance company?

People make estimates for cap ex, operating, taxes, insurance, utilities, etc.

(e.g. raise rent $100 and you pay them $50 to mow)  Does this person have liability insurance? 

A month break also helps to insure you are not getting a tenant in th eprocess of being evicted and requiring to move on very short notice.