@Tim JacobThe reason for using 50% initially in this case is because novice landlords do not have the first notion as to what expenses are.

I know my personal umbrella has a specific limit on the number of residential properties I can own (defining residential as 1-4 units), so an apartment would not fit there...also, with that scale (25 units) you have the amount of traffic, people, guests, etc , so the llc appears prudent, but I hear you on the simple notion of it being in your name with the commercial umbrella (however, I think this would then invalidate your personal umbrella unit limit if you tilt the apts back In your name)...on the duplexes and two single families, I think a great landlord policy (with all the bells  and whistles) topped with an umbrella (even 5 million is pretty affordable with the firm I use, called RLI...no interest in the product FYI)...That allows easy tapping of the equity. also, much may depend on the risk you see with those small rentals and what feels right for you (and your property portfolio shows you have great instincts)..I like your use of professional services and you may have done this, but perhaps have your policies and situation examined again by the best insurance law expert in your region or state (I would look for 20 plus years, av rated, a person the major entities and large insurers use in your area)...

The notion some have that it is easy is false.

Hi @Michael Brun,Welcome to BP!

I would not buy a property until you can grasp the notion of how to use other people's (bank, private lender, etc...) cheap money, "leveraging" for an investment.

What is much more interesting is the notional real estate value (say for example, per appraisals), gross rents, fixed costs plus variable cost assumptions.

Re-default weights in pretty heavy and I have seen the notion of modification for the sake of modification around a ton.  

I am new to the website and relatively new to the notion of REI.  

I am new to the website, but not to the notion of REI.

I say all that to say, consider stepping away from the "I wholesale properties" notion, to "I am an investor" you may find yourself getting a different result.