General business insurance needed for Seller Financing Mobile Homes?

[Clint Barrett]

Hi everyone,

I'm really trying to learn as much as I can about flipping mobile homes in parks, John Fedro style.  I think his strategy would work for me as a low capital, low risk way to get started in real estate.  I can even see this approach as a full-time gig.

I understand that I would eventually setup an LLC and trusts for each purchase. My question is if there is some kind of insurance I should have on my business (other than the temporary insurance on the "properties" as I'm holding them)?

I can imagine a situation in which a buyer doesn't keep up with his insurance, the home is destroyed in a fire, and he probably will not continue making his payments.   Is this a legitimate concern?  There may be a million other reasons why I might need some kind of business umbrella policy as well.

I usually analyze anything to death before I jump in, so this is just one of many questions I have about the business.

Thanks for any advice you can offer!