Thanks Alex, we were initially given the opportunity to get a line of credit on the 2 houses we own at a higher interest rate, but that too was denied to us. 

You should include it even if you are planning on initially self-managing.

Initially, we wanted to keep as a rental, but we may choose to flip if we get the right price.

This is where my confusion starts to come in. 

I am buying my first Buy&Hold property and I already formed the LLC to hold the property but I am little bit confused about the landlord insurance.

I want hold shorter term initially.

If you can swing it, I feel Blackstone BREIT is a better initial/core holding because it is a much more conservative core plus strategy (or maybe stREITwise if no).

This topic is worthy of a book, but I'll limit my best advice to three points:Get Yourself a great Chief-of-Staff Before You Consider Adding More Staff - Yes, you can probably hire VA's to perform nearly every task you now do, but resist the initial urge to bring on a gaggle of specialists.

I would go in for your water/sewer first without initiating the discretionary processing.

In a chapter 7, there is rarely an MFR filing and instead, creditors (and others) just wait until discharge before taking any action (Not to be confused with suit).