Your other option is just to buy more insurance, which is perfectly fine and probably cheaper then setting up a LLC

@HAILEY ERSKINE Good for you, get the ducks in the row, start collecting 1) realtor, 2) real estate attorney, 3) cheap title search, 4) CPA, 5) Contractors (handymen, electricians, plumbers, roofers), 6) Insurance. 

When a tenant vacates or is evicted, does their renters insurance policy cover liability in a lawsuit for damages to the property caused by the tenant?

There may be potential title insurance claims here as well.

The carrying costs for the house are not cheap considering the interest payment, utilities, insurance, and taxes. 

I am now flying home.We just finished redoing the drywall, paint, and flooring across 80% of the house, so this is a major bummer, but I want to look past this and be as ready as possible for the insurance claim. 

It has been on the market for 134 days, so I may be able to negotiate a lower price if the seller is motivated.My down payment is 3%, and closing costs will be factored into the mortgage.The amount for principal, interest, property taxes, insurance, and mortgage insurance is around $740-$760/month.

For example: when you get an insurance, you have to make sure that they have accounted for this.

I service East Tennessee but would go farther afield if the opportunity was right.Factors like travel, equipment cost, insurance, FAA NAS (national airspace system) research for the prospective area, weather monitoring etc. all take time and money, so I turn down jobs regularly that expect bottom dollar.   

They will take 75% of the lease amount and deduct monthly costs ($2205 + 417 + property taxes and insurance if not included in the mortgage).